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In a significant move for regional carbon capture and storage (CCS) infrastructure, Mitsui O.S.K. Lines, Ltd. (MOL), MISC Berhad (MISC), and PETRONAS CCS Ventures Sdn. Bhd. (PCCSV) have formed a new joint venture named Jules Nautica Sdn. Bhd., aiming to advance cross-border transportation of liquefied carbon dioxide (LCO₂) across Asia-Pacific.
This partnership, announced on June 17, 2025, is strategically positioned to develop, own, and operate LCO₂ carriers—vessels specifically designed to transport captured carbon dioxide to offshore or remote storage sites. These carriers will be instrumental in closing the loop on emerging CCS value chains in the region, which are seen as essential tools in reducing industrial carbon emissions.
The venture follows the successful completion of front-end engineering design (FEED) for a 62,000-cubic-meter LCO₂ vessel. The FEED was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI) and culminated in December 2024 with a General Approval for Ship Application (GASA) from classification society DNV. This certification marks the design as one of the most advanced low-pressure, low-temperature LCO₂ carriers in development today.
“Emry Hisham Yusoff,” CEO of PCCSV, called the venture “a pivotal step forward” in the region’s decarbonization efforts. “By leveraging the strengths of PCCSV, MISC, and MOL, we are progressing the development of LCO₂ carriers and working towards more efficient shipping solutions. This collaboration highlights our focus on responsible innovation.”
Zahid Osman, President & Group CEO of MISC, emphasized the importance of joint action: “The energy transition is not just about adapting; it is about #deliveringProgress. Our partnership is aligned with our strategic focus on advancing low-carbon solutions, as we work collaboratively to accelerate the maturation of technologies across the CCS value chain.”
As industrial emitters and energy producers look to meet tightening decarbonization goals, cross-border CCS solutions are becoming a critical piece of the puzzle. LCO₂ shipping offers an immediate answer for industries without direct access to local storage sites. These carriers effectively connect capture locations with designated offshore or international CO₂ storage infrastructure, creating a viable logistics chain for the global carbon economy.
The JV’s vessels will serve as a maritime bridge, enabling countries like Malaysia and Japan to link carbon-intensive industries to geological storage sites across maritime boundaries. According to Takeshi Hashimoto, President & CEO of MOL, “This joint venture will play a crucial role in the transportation of LCO₂, which is indispensable for cross-border CCS projects. The collaboration will lead decarbonization efforts across the Asia-Pacific region and contribute to the realization of a carbon-neutral society.”
Unlike conventional tankers or LNG vessels, LCO₂ carriers require specialized design features, including advanced containment systems and precise temperature-pressure control, due to the liquefied gas’s volatile nature. As such, the FEED-completed design represents a high level of technical readiness that few shipowners currently possess.
Beyond vessel development, Jules Nautica Sdn. Bhd. is expected to pursue strategic commercial agreements with both emitting industries and storage providers. This integrated approach strengthens the business model by ensuring both upstream supply and downstream demand for LCO₂ transport services.
MISC, with over five decades of maritime operations, brings experience in complex vessel management and operations across global trade routes. MOL, one of Japan’s largest shipping groups, has also been investing heavily in next-generation fuel carriers and decarbonization strategies. PCCSV, a dedicated carbon solutions arm of PETRONAS, offers project development experience and regional CCS strategy alignment within Southeast Asia.
The collaboration is seen as part of a broader trend of maritime-industrial convergence around low-carbon logistics. As governments and regulatory bodies in Asia-Pacific increase pressure on hard-to-abate sectors—like steel, cement, and chemicals—the ability to move captured CO₂ across national borders becomes more than a logistical option: it becomes a regulatory necessity.
By establishing this dedicated LCO₂ carrier JV, the three companies are not only positioning themselves at the forefront of carbon shipping but are also reinforcing Asia’s readiness to implement scalable carbon management strategies. In a region where industrial density and ocean access go hand-in-hand, maritime CO₂ transport could prove to be the lynchpin in achieving net-zero targets over the coming decades.
