NYK, Kyuden Group ink charter agreement for new LNG carrier

September 1, 2022, by Naida Hakirevic Prevljak

On 1 September 2022, Japanese shipping company NYK and compatriot LNG trading company Q United Energy Supply & Trading (QUEST), part of Kyuden Group, signed a multi-year time charter contract for a new liquefied natural gas (LNG) carrier.

As informed, the 293-metre-long ship will be built at the South Korean shipyard Samsung Heavy Industries (SHI) and delivered in 2024.

This vessel will be equipped with a WinGD-made dual-fuel slow-speed diesel engine that has advanced fuel-consumption efficiency and can operate on marine gas oil or boil-off gas stored in the cargo tank.

The carrier will also feature a re-liquefaction system that can use surplus boil-off gas efficiently.

According to NYK, the cargo tank will be a 174,000 cubic meter capacity membrane-type tank that will make use of advanced insulating materials to suppress the boil-off rate (percentage of gas volume that vaporizes during navigation) in the cargo tank and realize significantly more efficient, economical, and environmentally friendly operation.

With this charter contract, NYK aims to contribute to Japan’s stable energy supply. It will also cooperate with the Kyuden Group not only in the LNG transportation business but also in the LNG-fuel supply business for ships and the construction of the world’s first LNG-fueled large coal carrier.

In May this year, Kyushu Electric Power launched a new LNG trading subsidiary, QUEST, in response to increased demand for LNG. The Fukuoka-based unit will supplies LNG utilizing the company’s assets including LNG vessels and storage terminals, as well as the company’s trading capabilities, to meet various requirements from LNG customers.