Some of the world’s largest shipping companies are in talks with power companies in Europe about building a new fleet of tankers specifically modified to transport carbon dioxide captured from coal power stations and potentially transporting it to spend oil fields in the Middle East according to a major British newspaper.
The Sunday Times has reported that shipping giants, Maesrk and IM Skaugen have entered discussions that would involve them becoming partners in a scheme that would involve the capture of greenhouse gasses at the source, cooling it for transportation then pumping it underground into spent oil fields.
The UK government has indicated that it will give the go-ahead for coal fired power stations on the condition that they are fitted with carbon capture and storage (CCS) technology The Sunday Times reported. It is believed that shipping the liquefied carbon dioxide would be cheaper than building a pipeline network.
“Investing in a pipeline is a very high one-off cost. CCS is not commercialised yet so shipping can provide an immediate benefit because it is cheaper. It will be a mix of shipping and pipeline,” the newspaper quoted Christian Ingerslev of Maersk as saying.
New income streams for shipping companies will come as a welcome relief. The current low day-rates for tankers means that many are feeling the pinch in 2009. Day rates for LNG tankers are currently around the US$45,000-$50,000 mark. In 2007 they stood at around $75,000 a day.
Fact: There are only currently four tankers that carry carbon dioxide. These are all owned by the soft drinks company Coca-Cola. The gas is used to make drinks fizzy.
