Japanese shipping group Nippon Yusen Kabushiki Kaisha (NYK) has completed the acquisition of a 50% stake in Avenir LNG Limited from Stolt-Nielsen Gas Ltd., creating a jointly owned LNG bunkering business with Stolt-Nielsen Limited after receiving the required regulatory clearances, according to NYK.
Stolt-Nielsen Gas, a wholly owned subsidiary of Stolt-Nielsen Limited, previously held 100% of Avenir LNG.
Completion of the transaction gives NYK and Stolt-Nielsen joint ownership and an operating structure for the LNG bunkering company.
Avenir LNG operates in the LNG bunkering sector and has one of the world’s largest fleets of LNG bunker vessels.
The joint venture will pursue opportunities in LNG and bio-LNG bunkering as the maritime industry shifts towards lower-emission fuels.
NYK is a Japanese shipping company headed by President Takaya Soga.
Stolt-Nielsen Limited is headed by Chief Executive Officer Udo Lange. Stolt-Nielsen Gas is its wholly owned subsidiary.