NYK Concludes Long-Term Time-Charter with QatarEnergy for Seven New LNG Carriers

Source: www.gulfoilandgas.com 8/10/2022, Location: Middle East

NYK is pleased to announce that the joint-venture companies* that NYK is a part of have signed a long-term time-charter contract with QatarEnergy, the state energy company of Qatar, for seven liquefied natural gas (LNG) carriers. The joint-venture companies have also executed shipbuilding contracts for the seven 174,000 m3 LNG carriers with Hyundai Heavy Industries Co., Ltd.

QatarEnergy is one of the world’s largest LNG producers. These seven new vessels will transport LNG to countries around the world.

Over the past 39 years since the delivery of the LNG carrier Echigo Maru in 1983, NYK has continued to enhance its LNG safety/expertise and worldwide LNG transport network. The skills that NYK has acquired in safe and optimized navigation, the construction of LNG carriers, and high-level ship-management quality have earned high regard from QatarEnergy, leading to the successful conclusion of this contract. NYK and QatarEnergy have had a long-term relationship with several existing projects and the relationship will be further extended through this contract.

These seven vessels will be equipped with an X-DF 2.1 iCER ** and air lubrication system,*** both of which will contribute to a reduction of GHG emissions and an improved environmental impact.

Length overall: approx. 299.00 meters Moulded Breadth: 46.40 meters Propulsion system: X-DF2.1 iCER (dual fuel engine that uses gas admitted at low pressure) Cargo tank capacity: approx. 174,000 cubic meters Speed: 19.5 knots Shipbuilder: Hyundai Heavy Industries Co., Ltd. Delivery: 2025–2026

* Comprising NYK, “K” Line, MISC Berhad, and China LNG Shipping (Holdings) Limited ** A low-speed dual-fuel engine that uses gas admitted at low pressure *** A method that uses air bubbles to reduce the resistance between the ship's hull and seawater

On February 3, 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. On March 24, 2022, 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, 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.

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