Japan’s NYK, Knutsen Group Form LNG Carrier JV

Japan’s Nippon Yusen Kaisha (NYK) and Norway’s Knutsen Group have announced a 50:50 joint venture for two new 176,000 m3 LNG tanker vessels.

The vessels will chartered to Spanish energy company Gas Natural Fenosa with delivery expected in the second half of 2016 for a 20 year period and will be built by Hyundai Heavy Industries Co. Ltd.

NYK will continue its efforts for stable, economical transport of LNG, which is increasing in demand throughout the world, the Japanese company said.

Earlier this month Chubu Electric Power joined NYK and the Mitsubishi Corporation to become a shareholder of Trans Pacific Shipping 1 Ltd. (TPS1), which currently holds a time-charter contract with Chubu Electric Power for a new liquefied natural gas (LNG) carrier.

The shared ownership by the three parties will contribute to the expansion of Chubu Electric Power’s shipping business and allow NYK to enhance its partnership and leverage each company’s know-how and expertise in the LNG value chain which contributes to the long-term, stable transport of LNG for Chubu Electric Power.

The ship is assigned to transport LNG from Australia to Japan for about 15 years to be started in 2017, and NYK will be responsible for ship management.