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

Source: www.gulfoilandgas.com 11/4/2022, 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 five liquefied natural gas (LNG) carriers. The joint-venture companies have also executed shipbuilding contracts for the five 174,000 m3 LNG carriers with Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.

QatarEnergy is one of the world’s largest LNG producers. These five 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 five vessels will be equipped with an X-DF 2.1 iCER, ** which will contribute to a reduction of GHG emissions and an improved environmental impact.

Vessel Particulars
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: Hudong-Zhonghua Shipbuilding (Group) 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

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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