NEWS
Japanese set up LNG shipping firm in Nassau
Tokyo, Aug 17 (LNG journal)
- Tokyo Electric Power Co. and Kyushu Electric Power Co. have announced the setting up of a joint company in Nassau, Bahamas, to own and manage a vessel to transport liquefied natural gas to strengthen the supply chain.
The LNG ship will be built by Mitsubishi Heavy Industries Ltd. under a contract signed by the two power companies and the shipbuilder, a statement said.
Mitsubishi Corp., NYK Line, Mitsui & Co., and Mitsui OSK Lines will also provide financing for the founding of the company. NYK Line will operate the ship and provide maintenance and management.
The purpose of the new carrier will be to transport LNG purchased by Kyushu Electric, which supplies power to the Japanese cities of Nagasaki and Fukuoka , the statement added.
"By using this ship, Kyushu Electric hopes to strengthen the LNG supply chain, to be more economical by controlling shipping costs, and to create a more flexible transport system, which will improve the stability of supply," the statement said.
