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NYK Concludes Charter Contract with TEPCO Subsidiary for New LNG Carrier

May 8, 2014

On April 30, NYK concluded a time-charter contract for a new liquefied natural gas (LNG) carrier with LNG Marine Transport Ltd. (head office: Tokyo; president: Hiroyasu Murakashi), which is a subsidiary of Tokyo Electric Power Company Incorporated (TEPCO; head office: Tokyo; president: Naomi Hirose). NYK also concluded a contract with MI LNG Company Limited* (head office: Tokyo; president: Haruhiko Omi) for the construction of the LNG carrier (gross tonnage: 138,000 tons).
The ship will be delivered in 2017 and assigned to transport LNG for TEPCO in the Wheatstone LNG project — in which TEPCO, Mitsubishi Corporation (head office: Tokyo; president and CEO: Ken Kobayashi), and NYK participate. LNG Marine Transport Ltd. will be responsible for the operational management of the vessel.
The new vessel will be a “Sayaendo” (peapod-shaped) series ship in which four Moss spherical tanks will be protected by a continuous cover integrated with the ship's hull. This innovative configuration reduces size and weight, while maintaining the ship's overall structural rigidity. The continuous cover over the tanks also improves the aerodynamics of the hull, and thus the fuel consumption of the ship, by substantially reducing air resistance that acts as a drag on ship propulsion.
NYK will continue its efforts for stable, economical energy transport.
*MI LNG Company, Limited
Jointly established in April 2013 by Mitsubishi Heavy Industries Ltd. and Imabari Shipbuilding Co. Ltd.
·         Outline of LNG Carrier

Cargo tank capacity:
about 155,300 cubic meters
Gross tonnage:
about 138,000 tons
Length overall:
about 288 meters
48.94 meters
Main engine:
steam turbine
19.5 knots
Nagasaki Shipyard & Machinery Works, Mitsubishi Heavy Industries, Ltd.
2017 (scheduled)
Operational management:
LNG Marine Transport Ltd.

·         Outline of Charterer

Company name:
LNG Marine Transport Ltd.
3-25-5, Ryogoku, Sumida-ku, Tokyo
Hiroyasu Murakashi, president
Description of business:
Operational management of the maritime transport of liquefied natural gas
460 million yen
Equity ownership:
Tokyo Electric Power Company 70%; Mitsubishi Corporation 15%; Nippon Yusen Kaisha 15%

Reference: Announcement on June 18, 2012, "NYK Jointly Participates in Wheatstone LNG Project"
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