NYK Line signs Joint Venture Agreement with TEPCO and Mitsubishi Corporation for New LNG Vessel
February 5, 2002
On February 1st, 2002, NYK Line signed a Joint Venture Agreement with TEPCO (Tokyo Electric Power Company) and the Mitsubishi Corporation. The agreement calls for the establishment of a new LNG (Liquefied Natural Gas) vessel ownership company in the Bahamas, in addition to an operations company in Tokyo. Seventy percent of the shares of each respective company will be held by TEPCO, 20% by NYK Line, and 10% by the Mitsubishi Corporation.
The ownership company, named "Pacific Eurus Shipping Limited," will be established today, and in the near future will sign a Shipbuilding Contract with Mitsubishi Heavy Industries, Ltd., on condition that the vessel be delivered in 2006.
NYK Line will handle ship management services for the new LNG vessel. In this regard, NYK Line and its subsidiaries will have ownership or provide ship management services for a total of 32 LNG vessels.