Cygnus LNG Shipping Established
November 24, 2005
Nippon Yusen Kaisha (NYK Line) together with the Tokyo Electric Power Company and the Mitsubishi Corporation have established Cygnus LNG Shipping, headquartered in the Bahamas, for the purpose of transporting LNG for the Tokyo Electric Power Company. The Tokyo Electric Power Company will provide 70 percent of the capital needed for this new company, and NYK Line and the Mitsubishi Corporation will equally contribute the remaining 30 percent. A company-owned LNG vessel, which will be constructed by Mitsubishi Heavy Industries, will transport the LNG to the Tokyo Electric Power Company. Mitsubishi Heavy Industries plans to delegate the management of ship operations to NYK Line upon completion of the ship's construction in three years.
The new ship will be the fourth constructed for transporting LNG on behalf of the Tokyo Electric Power Company. NYK Line assures that the new ship will provide an effective and safe LNG transportation service in line with the three ships that are currently in service.
The ship is expected to transport LNG for the Sakhalin II project, which is now in its development phase in Sakhalin, Russia. The ship will mainly operate a scheduled service between Sakhalin and Japan, transporting LNG from the port of Prigorodnoye, located south of Sakhalin.
NYK Line strives for safe LNG transportation in order to maintain a steady supply of energy. In compliance with the company's medium-term management plan introduced in March of this year, NYK Line will proactively engage in the LNG transportation business, which is expanding greatly throughout the world.
| Name | : | To be noticed |
| Tank capacity | : | 145,400 m3 (Moss spherical type) |
| Length | : | approximately 288.0 m |
| Width | : | approximately 49.0 m |
| Owner | : | Cygnus LNG Shipping Limited (Bahamas) (Ratio of capital contribution: 70 percent from the Tokyo Electric Power Company; 15 percent from NYK Line; 15 percent from the Mitsubishi Corporation) |
| Operator | : | LNG Marine Transport Ltd. |
| Operating management: Nippon Yusen Kaisha | ||
| Shipbuilder | : | Nagasaki Shipyard and Machinery Works, Mitsubishi Heavy Industries, Ltd. |
| Commencement | : | December 2008 |
A project initiated by the Sakhalin Energy Investment Company for the objective of recovering approximately 360 million tons of natural gas and exporting it from Sakhalin to Japan, China, Korea, and the United States.