IINO Lines buys Mitsui’s share in LNG carrier pair

Japan’s IINO Kaiun Kaisha has acquired additional shares in two special purpose companies owning two liquefied natural gas carriers chartered to the Norwegian energy giant and LNG operator Equinor. 

In 2006, IINO Lines launched a joint business with Kawasaki Kisen Kaisha, Mitsui and Equinor for the purpose of owning two LNG tankers, the Arctic Discoverer and Arctic Voyager.

The company recently agreed with Mitsui to acquire its share in the two special purpose companies NLTC1 and NLTC2, and the acquisition has now been completed.

Following the transaction, LNG carrier Arctic Discoverer is owned by K Line (49 percent), IINO Lines (37 percent) and Equinor (14 percent).

The second LNG carrier, Arctic Voyager is owned by Equinor (50 percent), K Line (36 percent) and IINO Lines (14 percent).

IINO Lines said in its statement the move contributes to the company’s accumulation of “stable long-term revenue sources” which is its key priority in its mid-term management plan.