MOL, NYK seal deal to jointly own new LNG carriers

One of the LNG carrier owning companies Trans Pacific Shipping 2 Ltd (TPS2), a 50-50 joint venture between MOL and Mitsubishi Corporation, will see MOL transfer 30% of its stake and Mitsubishi 10% for Chubu Electric to own 40% share.

Another LNG carrier owning company Trans Pacific 1 Ltd (TPS1) will be 40% owned by Chubu Electric, 40% by Mitsubishi Corporation and 20% by NKY.

The shares transfer is scheduled to take place when the two 153,000 cu m LNG carriers are delivered by the shipbuilder Mitsubishi Heavy Industries (MHI).

Chubu Electric will charter TPS2's LNG carrier for 20 years from 2019, according to a statement from MOL, while the TPS1 LNG carrier will be chartered for 15 years from 2015, NYK said.

“MOL takes advantage of the experience, know-how, and networks built up over the years as one of the world’s largest LNG carrier owners and operators to meet the LNG procurement needs of our customers, including Japanese power and gas companies,” MOL said.

NYK commented: "NYK will continue its efforts for stable, economical transport of LNG, which is increasing in demand throughout the world."

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