NYK has concluded a long-term time-charter contract for LNG transportation with China Petroleum & Chemical Corporation ("SINOPEC"), a public energy company in China, according to the company's release. This is the third conclusion of time-charter contracts with energy companies based in China.
The contract is for the transport of LNG to China for up to 23 years, beginning in 2024 or later. China has declared its intent to be carbon neutral by 2060, and this time-charter contract will support China's energy transition toward carbon neutrality.
NYK will build a good partnership with SINOPEC through stable transportation and contribute to the global energy transition from coal to natural gas.