Samudera to own 50% of LNG East-West shares

December 15, 2022, by Aida Čučuk

Singapore’s Samudera Shipping Line has announced a purchase agreement for 8,599,702 ordinary shares (sale shares) of LNG East-West Shipping Company (LNG EW) from Japanese shipping major Nippon Yusen Kabushiki Kaisha (NYK).

The agreement was made on 6 December and is expected to be realised by mid-December 2022.

Samudera is already an existing shareholder of LNG EW with 25% shares, and upon completion of the agreement, the company’s shareholding interest in LNG EW shall increase to 50%. NYK will own the remaining 50%.

According to Samudera, the book value and net asset value represented by the sale shares was $17,941,921 as of 30 September.

NYK is not expected to have any material impact on the net tangible assets per share or earnings per share of Samudera for the current financial year.

Samudera primarily engages in the transportation of containerised and non-containerised cargo through its Container Shipping and Bulk & Tanker business segments. It operates in Southeast Asia, the Indian Subcontinent, the Far East, and the Middle East.

LNG EW engages in liquefied natural gas transportation, while its shareholder NYK engages in liner and logistics business, bulk shipping business, and other businesses, including real estate.