NYK, Kyushu Electric Power Partner Up on LNG

Business & Finance

Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK Line) has entered into an agreement with Kyushu Electric Power to partner in various fields, including the transportation of liquefied natural gas (LNG).

Under the deal, Kyushu Electric Power would use NYK Line’s vessels for short-term demands of LNG transport.

NYK and Kyushu Electric Power will also consider the feasibility of cooperation in complementary businesses involving LNG supply and marine business, such as LNG bunkering.

The deal would enable NYK “to improve its profitability through efficient vessel allocation and Kyushu Electric Power to improve its flexibility in LNG transport,” according to the parties.

In a separate decision, NYK has assigned its LNG vessel Grace Barleria to a charter contract for Kyushu Electric Power from this month.

The 100,450 gross ton vessel will transport LNG for a period of up to 11 years from projects such as the Wheatstone LNG project in Australia.