On October 30, NYK concluded a time-charter contract for a new VLGC (very large gas carrier) with Astomos Energy Corporation, the world's pre-eminent liquefied petroleum gas (LPG) company.
The new VLGC will be built by Mitsubishi Heavy Industries Shipbuilding Co. Ltd. and delivered in the fourth quarter of 2018. After delivery, the ship will be assigned to a service designated in a five-year time-charter contract, and NYK and Astomos will then have 12 VLGCs in operation under time-charter contracts.
Astomos is looking to increase LPG handling volume from the current 10 million tons/year to 12 million tons/year by 2017. The company plays an important role in the LPG business field,which is expected to continue to grow as progress is made on new LNG projects in the Middle East, the United States, West Africa, and Australia. NYK will continue to expand its LPG fleet and strengthen its LPG transportation service, in addition to reinforcing the close relationship that NYK and Astomos have shared for so many years.
In accordance with its “More Than Shipping 2018” medium-term management plan, NYK will continue to encourage creative solutions in its efforts to contribute to stable and economical LPG transport services.