MISC Berhad has marked its entry into the commercial carbon capture and storage (CCS) sector after securing a long-term time charter for a new liquefied carbon dioxide (LCO₂) carrier linked to Norway’s Northern Lights Project.
The group said that on 29 January 2026, Kawasaki Kisen Kaisha Ltd (“K” Line), acting on behalf of a consortium comprising MISC and “K” Line, executed a 10-year firm time charter agreement with Northern Lights JV DA for one newbuild 12,000 cubic metre LCO₂ carrier. A second charter for another newbuild vessel is expected to be awarded in April 2026.
The vessels will support Phase 2 of the Northern Lights Project, part of Norway’s government-backed Longship initiative, which aims to establish a full-scale carbon capture and storage value chain. The LCO₂ carriers will transport captured carbon dioxide from industrial customers across Europe to permanent offshore storage sites in Norway.
Delivery of the new vessels is scheduled between the second half of 2028 and the first half of 2029.
MISC said the charter represents a strategic step into low-carbon and transition-enabling maritime solutions, aligning with the group’s longer-term ambition to expand beyond conventional energy shipping into CCS-related services.
A joint venture company, to be owned equally by MISC and “K” Line, will be established to own and charter the new LCO₂ carriers.
Northern Lights JV DA was formed in March 2021 by Equinor Refining Norway AS, TotalEnergies EP Norge AS and A/S Norske Shell, and is responsible for carbon dioxide transport and storage under the Northern Lights Project. “K” Line, founded in 1919, is a Tokyo Stock Exchange-listed global shipping and logistics group.
MISC said the charter carries typical commercial, project execution and operational risks, which the group will manage based on its industry experience.
