NYK and Astomos Energy conclude time-charter contract for new VLGC

On February 27, 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 company said in its press release.
 
The new VLGC will be built by Mitsubishi Heavy Industries Ltd. and delivered in the second quarter of 2017. NYK will charter the vessel from Kyoei Tanker Co. Ltd., and from its delivery, the vessel will be assigned to a service designated in a five-year time-charter contract with Astomos.
 
Astomos’ new medium-term plan, which starts from fiscal 2015, calls for an increase in LPG handling volume from the current 10 million tons/year to 12 million tons/year by 2017. Astomos plays an important role in the LPG business field, which is expected to continue to grow, particularly as progress is made on new LNG projects in the Middle East, the United States, West Africa, and Australia. This is the 11th VLGC for Astomos, and NYK will continue to reinforce its close, long-term relationship with the energy company.