NYK teams with Chubu Electric Power for the transport of Australian LNG
Chubu Electric Power Co. Inc. has joined NYK and the Mitsubishi Corporation to become a shareholder of Trans Pacific Shipping 1 Ltd. (TPS1), which currently holds a time-charter contract with Chubu Electric Power for a new liquefied natural gas (LNG) carrier, the company said in its press release.
The shared ownership by the three parties will contribute to the expansion of Chubu Electric Power’s shipping business and allow NYK to enhance its partnership and leverage each company’s know-how and expertise in the LNG value chain which contributes to the long-term, stable transport of LNG for Chubu Electric Power. The ship is assigned to transport LNG from Australia to Japan for about 15 years to be started in 2017, and NYK will be responsible for ship management.
Tokyo-headquartered Nippon Yusen Kaisha (NYK Line) is the largest shipping company in the world. NYK Line operates a fleet of over 700 vessels and its own fleet of large containers. The company’s workforce of more than 33,000 employees enables its operations worldwide. Container terminals, warehouses and logistics centers of NYK Line are located in Asia, Europe and North America.
Chubu Electric Power Co., Inc. founded in July 1992 is a Japanese electric utilities provider for the middle Chūbu region of the Honshu island of Japan. It provides electricity at 60 Hz, though an area of Nagano Prefecture uses 50 Hz.