NYK unveils name of new subsidiary with ENEOS’ fleet

Japanese shipping companies NYK and ENEOS Ocean Corporation have revealed the name of the new company that will soon commence official operations as NYK’s subsidiary.

Following NYK’s acquisition of 80% shares, the new company, named NYK Energy Ocean (NEO), will take over ENEOS Ocean’s non-crude oil shipping business, including LPG carriers, chemical tankers, product tankers, and dry bulk carriers.

As announced previously, NEO 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, when the new company will officially start operating.

Koichi Chikaraishi, who was the Representative Director and Senior Managing Corporate Officer of NYK, is scheduled to be appointed President.

“NEO aims to fulfill its responsibilities as an international shipping company by providing stable transport of raw materials and energy. To pursue further growth, NEO will pursue synergies with the NYK Group, which has scale advantages in terms of quality control and cost competitiveness. In addition to an excellent fleet, the new company will make use of top-notch personnel with abundant knowledge and experience inherited from ENEOS Ocean,” said NYK.

In 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.