NYK Concludes Charter Agreement for LNG Carrier with Kyuden Group

Sep. 01, 2022

On September 1, NYK and Q United Energy Supply & Trading Co. (Managing Director and CEO: Takashi Mitsuyoshi; Head office: Fukuoka),* which is a Kyuden Group company, signed a new multi-year time charter contract for a new liquefied natural gas (LNG) carrier based on the relationship of trust and experience in energy transportation that NYK and Kyuden Group have built up to date.

This vessel will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e., X-DF diesel engine) that has superior fuel-consumption efficiency and can operate on marine gas oil or boil off gas stored in the cargo tank. The carrier will also feature a re-liquefaction system that can use surplus boil-off gas efficiently. The cargo tank will be a 174,000 cubic meter capacity membrane-type tank** that will make use of advanced insulating materials to suppress the boil-off rate (percentage of gas volume that vaporizes during navigation) in the cargo tank and realize significantly more efficient, economical, and environmentally friendly operation.

By utilizing its experience and network cultivated as a world-scale LNG-carrier owning-and-managing company, NYK will contribute to Japan's stable energy supply. We will also cooperate with the Kyuden Group not only in the LNG transportation business but also in the LNG-fuel supply business for ships and the construction of the world's first LNG-fueled large coal carrier.

Vessel Particulars
Length overall: approx. 293 meters
Breadth: approx. 24.00 meters
Main engine: X-DF engine
Cargo tank capacity: approx. 174,000 cubic meters
Shipbuilder: Samsung Heavy Industries Co. Ltd.
Delivery: 2024

In February 2021, NYK released the "NYK Group ESG Story," which aims to further integrate ESG into the company's management strategy and promotes activities that contribute to the achievement of the SDGs through business activities. In March this year, NYK released the updated "NYK Group ESG Story 2022," which introduces initiatives for integrating ESG into the Group's management strategies set forth in the "NYK Group ESG Story" and provides a partial explanation of the Group's sustainable growth strategy from a long-term perspective. To strongly promote ESG management, NYK will continue to create new value as a sustainable solution provider.

To strongly promote ESG management, the NYK Group will encourage new value creation as a sustainable solution provider through a business strategy that includes the transportation of LNG, which is expected to be a low-carbon bridging fuel prior to the transition to future zero-emission fuels.

NYK Group, press release