NYK acquires majority stake in ENEOS Ocean’s new business

Japanese shipping major NYK and compatriot ENEOS Ocean, a consolidated subsidiary of ENEOS Holdings that handles the shipping business of the ENEOS Group, have agreed to NYK’s acquisition of 80% of the shares of a new company to be established by ENEOS Ocean.

This new company will take over ENEOS Ocean’s shipping business through an absorption-type company split that will include the company’s LPG carriers, chemical tankers, product tankers and dry bulk carriers. The demerger will not include ENEOS Ocean’s crude oil tanker business.

The company will operate 49 vessels, including 18 LPG carriers, 19 chemical and product tankers and 12 dry bulk carriers. It will include 16 companies, including a ship-management company in Singapore.

The transaction is expected to be completed on April 1, 2025, subject to obtaining clearance under applicable competition laws and other conditions.

NYK said the acquisition aligns with the group’s growth strategy, adding that in its energy transportation business, the group is strengthening its LNG/LPG carrier business as a growth business and is aiming to fulfil its responsibility for stable energy transportation as an infrastructure company.

NYK also noted that through this acquisition, the group aims to pursue economies of scale in cost competitiveness, create synergies and pursue further growth with the new company’s fleet and its executives and employees.

To remind, in late 2023, NYK and ENEOS Ocean, together with Norwegian chemical tanker company Stolt Tankers, launched a new pool within Stolt NYK Asia Pacific Services (SNAPS). Two 12,000 dwt ships, owned by ENEOS Ocean, were added to the SNAPS Pool.

As for the most recent NYK news, in July 2024, the company joined forces with the Maritime and Port Authority of Singapore (MPA) to accelerate maritime decarbonization, digitalization and manpower development efforts, including the promotion of safe use of marine fuels such as biofuels, methanol and low or zero-carbon ammonia.

It was reported that the parties will also discuss maritime training programs for seafarers on ammonia-fueled vessels and other sustainability-related skills and competencies to support the industry’s transition towards alternative low or zero- carbon fuels, including leadership programs for local professionals.