• 2012 December 13 14:05

  NYK Line to ship more crude oil to Thailand

  

  Nippon Yusen Kabushiki Kaisha (NYK Line) says it will ship more crude oil to Thailand under a long-term contract with an affiliate of Thai Oil Public Co. Ltd. (Thai Oil), Ship & Bunker reports.
  
  NYK Line will use the very large crude carrier (VLCC) Tateyama to move the oil, primarily from the Arabian Sea.
  
  The shipping company said the contract, with a term of at least three years, supports its goal of meeting growing transportation demand to and from Asia.
  
  In February 2011 Thai Oil, the owner of one of the largest refineries in Thailand, established a joint venture with NYK line to purchase the VLCC Tenyo from NYK and charter it to Thai Oil under at 10-year contract.
  
  NYK line said Thai Oil chose the ship partly because of its crew training and ship management.
  
  Tokyo headquartered NYK Line has struggled with losses in recent quarters, using slow steaming and service charges to improve its financial performance.

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