EcoLog, a new company looking to be a major player in the carbon capture utilisation and storage (CCUS) business, was launched this week
Backed by the Peter Livanos-owned Ceres Shipping – a stakeholder in the LNG and dry bulk segment through GasLog and DryLog – EcoLog plans to have a 60-vessel fleet plus associated import and export terminals to transport 50M tonnes per annum of CO2 by 2035.
In a statement, Ceres Shipping noted, “We believe Ecolog will help accelerate the urgently required adoption of CCUS by offering mid-stream services at scale and at speed.”
The company said its ships will be the first of their kind, with a cargo capacity ranging from 20,000 m3 for short distances and 85,000 m3 for longer ones. Each ship will transport over 1M tonnes of CO2 per annum between EcoLog’s import and export terminals.
Both ships and terminals will operate at 8 bar pressure for efficient and safe transport of these large volumes of CO2.
The company said, “All the technologies to be deployed within this network have been established for many years, simply reconfigured for scale and product.”
Ecolog chief commercial officer Jasper Heikens, previously head of commercial at GasLog, said, “EcoLog is an exciting and timely venture ready to create low-cost, large-scale and at-speed solutions for emitters to transport and permanently store CO2 emissions. The global challenge to sequester 7.6 gigatonnes of CO2 by 2050 to stay within 1.5°C global warming is clear and we are putting in place the infrastructure to make that happen.”
