NYK Line, Kepco agree joint ownership of LNG newbuild

NYK Line, Kepco agree joint ownership of LNG newbuild

Japanese shipping giant Nippon Yusen Kabushiki Kaisha and Kansai Electric Power have set up a joint venture company that will own a newbuild liquefied natural gas (LNG) vessel.

The 177,000-cbm Moss-type LNG carrier, currently being built at the Kawasaki Heavy Industries’ Sakaide shipyard, is scheduled for delivery in December 2017. The vessel will be used to transport the chilled fuel from the Dominion Cove Point export project in the United States for a period of 20 years.

According to the joint statement, Kepco will hold a 70 percent stake in the joint venture named LNG Sakura Shipping Corporation with NYK owning the remaining 30 percent stake.

The 300-meter long vessel, with a breadth of around 49 meters, features a dual fuel diesel electric (DFDE) propulsion, and it will be managed by NYK.

Kepco reminded that in April 2013 it has signed a deal with Sumitomo Corporation to purchase up to 0.8 mtpa of LNG per year from the Cove Point LNG export terminal being constructed in Maryland. The facility is planned to start exporting up to 5.25 mtpa of LNG by the end of 2017.

 

LNG World News Staff

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