NYK Concludes Charter Contract with China Oil - First Ever Multiyear Contract for Large Crude Oil Tanker
October 22, 2004
Nippon Yusen Kaisha (NYK) has newly concluded a three-year charter contract with China Oil, a leading petroleum company in China. This is the first case for a Chinese oil company to conclude a charter agreement for a large crude oil tanker.
Oil demand in China shows a rapid year on year rise of over 10%, and high growth is expected to continue. Spot contracts, which cause extensive fluctuations in freight charges, are currently mainstream in the field of crude oil transport to China; however, in accordance with the increase in transport volume, a gradual transition to long-term contracts is anticipated. Since expansion in the Chinese market is indispensable for its business strategy, the Company takes this opportunity to further develop business in China.
As announced the Group's mid- to long-term management vision "Forward 120," NYK proactively promotes overseas business development in the Bulk / Energy Division. Aside from the agreement with China Oil, NYK's Crude Oil Tanker Division concluded a three-year charter contract for a large crude oil tanker with Hyundai Oil Refinery Co., Ltd., a leading oil company in South Korea, in July 2004 and a 7-year charter agreement with Exxon Mobil Corporation of the U.S. in August 2004.
Maintaining and expanding domestic business as its business foundation, NYK strives to proactively develop overseas business.
| Name | : TENYO |
| Length Overall | : 330 m |
| Deadweight Tonnage | : 281,050DWT |
| Type | : Double-hull |