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NYK celebrates 129th anniversary

LNG Industry,


NYK President, Yasumi Kudo, addressed company employees on 2 October, marking the 129th anniversary of NYK’s founding.

LNG sector

Kudo congratulated the company for have already achieved profits of approximately US$ 1102.7 million in the stable-freight-rate businesses. These include terminal, logistics, dry and liquid (including VLCC, LNG and offshore) vessels assigned to long-term contracts, as well as car carriers, auto logistics and real estate.

The financial target for 2018 is achievable if the company is able to operate or expand as planned the LNG shipping and new LNG-related upstream and midstream projects such as the Wheatstone LNG project.

Expanding businesses

Later in his speech, Kudo addressed the company’s expanding divisions, in particular those related to LNG.

He stated: “As I mentioned earlier, we are participating in an LNG-related upstream business through our acquisition of a partial interest in jointly owned facilities in the Australian Wheatstone gas field and operation. Operations here are due to begin at the end of 2016.

“Additionally, we have decided to take part in the Cameron LNG project, a mid-stream business that will construct and manage a liquefaction facility for shale gas in the US state of Louisiana.

“These projects require advanced technologies and safety, and the total investment is vast. We expect these projects to deliver a long-term high return and to make a significant contribution to the expansion of the LNG shipping business.”

LNG bunkering

Kudo continued: “Furthermore, we have decided with GDF Suez S.A. (France) and others to build the world’s first large-size LNG bunkering vessel, for completion in the second half of 2016, and to concurrently establish a marine LNG-fuel sales company.

“This business model, the first of its kind, has a promising future since demand for LNG fuel is expected to expand rapidly amid increasingly stringent NOx and SOx regulations not only in Europe but throughout the world. The decision by United European Car Carriers (UECC; Norway), which transports automobiles in the European region, to build two dual-fuelled PCCs and to purchase LNG fuel from the new company contributed significantly to the launch of this business.

“In addition, these two vessels will be the first LNG-fuelled PCCs for the NYK Group, and will be some of the very few LNG-fuelled vessels in the shipping industry worldwide. By honing our knowledge ahead of other companies, I hope to make this one of the technologies that differentiates us from other companies on the environmental and cost fronts.”

Outlook

President Kudo concluded that NYK would continue to steadily build up further stable profit in businesses where future expansion is anticipated, including the offshore business, LNG shipping and LNG-related businesses.

A full summary of the speech can be found on the NYK website.


Adapted from speech by Katie Woodward

Read the article online at: https://www.lngindustry.com/lng-shipping/03102014/nyk-celebrates-129-years-1534/


 

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