30 May 2023
Carbon Capture Systems Cost-Revealed
The Oil and Gas Climate Initiative (OGCI) and Swedish tanker owner Stena Bulk, conducted a feasibility study. Thus, aiming to show the costs incorporated with the installation of carbon capture devices on ships. The study makes clear that such technology is feasible. However, K-Line has already demonstrated it at sea, earlier this year in Japan. On the contrary, such a project comes with a noticeable price tag, both in terms of installation and operating costs.
The installation of a system capable of capturing 90% of all CO2 emitted at sea, will cost around $30 million. In the meantime, such a carbon capture system requires more than $2 million to operate. Practically, this translates into an additional 25% for a ship’s annual operating expenses.
Despite the obtained costs, the feasibility study has encouraged the team to pursue a demonstration to validate their assumptions and uncover further opportunities.
Onboard CO2 storage developments are making plenty of headlines this year. Dutch scrubber manufacturer Value Maritime is installing a CO2 capture and storage unit on a 1,036 TEU containership, Nordica, belonging to Visser Shipping.
In the meantime, Daewoo Shipbuilding & Marine Engineering (DSME), has developed a technology to store CO2 captured from engine emissions. The South Korean yard said it plans to commercialize the technology as soon as possible.
Wärtsilä Exhaust Treatment and Solvang, a Norwegian shipping company, recently announced that they have agreed on a full-scale pilot retrofit installation of a CCS system on one of Solvang’s ethylene carriers, the 21,000 m3 Clipper Eos.
It seems that the race has started to bring out the most dominant Carbon Capture System technology.