In February 2011, NYK and Thai Oil Public Co., Ltd. (Thai Oil) established TOP-NYK MarineOne Pte. Ltd., a joint venture based in Singapore. The new company then purchased the very large crude oil carrier (VLCC) Tenyo from NYK, which was subsequently chartered to Thai Oil under a 10-year long-term contract at the end of March.
In response to increasing demand for crude oil in Thailand, Thai Oil – the leading petroleum refinery in the country – examined to take ownership of a VLCC in order to import crude oil for refinement. NYK, for its part, sees the project as potentially leading to the acquisition of a long-term business in Thailand. As Thailand did not previously own or operate its own VLCC, Thai Oil’s use of the Tenyo will help stabilize and strengthen the country’s energy transportation system for the mid-to-long term.
The Tenyo will primarily be used to shuttle crude oil across the Arabian Sea to Thailand, where it will be refined by Thai Oil. The Tenyo is currently bound for the Middle East, for its first loading under the contract.
Thai Oil, which is an affiliate of PTT Public Co. Ltd, a Thai government-run petroleum company, plans to own and operate an additional two or three VLCC or liquefied petroleum gas (LPG) carriers as well as the Tenyo. In this way, it will be able to satisfy PTT’s demand for cargo transport. At the same time, to meet Thai Oil’s needs, NYK will provide shipping and operational know-how and enhanced collaboration through vessel management, while pursuing further business expansion in Thailand.
l Outline of TOP-NYK MarineOne Pte. Ltd.
Head office: 1 Harbourfront Place#13-01, Harbourfront Tower One, Singapore (098633)
Description of business: Ownership and operation of VLCC
Equity ownership: NYK 50%; Thai Oil 50%
l Vessel particulars of “Tenyo”
Length overall: 333.00 meters
Breadth: 60.00 meters
Load draft in summer: 20.401 meters
Gross tonnage: 152,139 tons
Deadweight tonnage: 281,050 tons
Built year: 2000
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