NYK to participate in joint ownership of new LNG carrier for Cameron LNG project

NYK, the Mitsubishi Corporation (MC), Toho LNG Shipping Co., Ltd. (Toho LNG Shipping), and Tohoku Electric Power Co., Inc. (Tohoku Electric Power) will participate in the joint ownership of a new liquefied natural gas (LNG) vessel for the Cameron LNG project in the U.S. through the jointly owned company Diamond LNG Shipping 3 Pte. Ltd. (DLS-3), the company said in its press release.
 
In December 2015, MC reached agreement on a shipbuilding contract with MI LNG Company Limited, in addition to a heads of agreement for time-charter party with Diamond Gas International Pte. Ltd. Then in May 2016, MC established a vessel owning company, DLS-3, on the assumption of LNG vessel co-ownership with NYK, Toho LNG Shipping, and Tohoku Electric Power.
 
Since these four companies have received formal business approval by relevant authorities, NYK, Toho LNG Shipping, and Tohoku Electric Power now have an equity stake in DLS-3. The shipbuilding contract and the heads of agreement for the time-charter contract have thus been transferred by MC to DLS-3.
 
The new LNG vessel which will be built by Mitsubishi Heavy Industries Shipbuilding Co. Ltd.  have a capacity of 165,000 m3, and be a "Sayaringo STaGE” carrier. Upon completion in 2019, the ship, which will be managed by NYK, will be assigned to transport LNG for Toho Gas Co., Ltd. and Tohoku Electric Power from the Cameron LNG Project located in the U.S. state of Louisiana. NYK and MC both have an equity stake in this project.