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‘K’ LINE concludes time charter agreement with Diamond Gas International for LNG vessel

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LNG Industry,

Kawasaki Kisen Kaisha, Ltd (‘K’ LINE) has announced the signing of a 15-year long-term time charter contract (with an option to extend the contract up to 10 additional years) with Mitsubishi Corporation subsidiary, Diamond Gas International Pte. Ltd (DGI) on 12 May 2023. ‘K’ LINE has also concluded a shipbuilding contract with Samsung Heavy Industries Co., Ltd for a 174 000 m3 LNG carrier.

This is the first long-term time charter contract between DGI and ‘K’ LINE involving a newly built vessel. The plan is for this new vessel to be engaged in LNG transportation around the world beginning in 2H26. This vessel will be equipped with an ME-GA 1 engine and achieve the reduction of environmental impact through the reduction of fuel consumption during operation.

In the 40 years since the delivery of the first Japanese LNG carrier, Bishu Maru, in 1983, ‘K’ LINE has been establishing its expertise in LNG transportation and developing a worldwide network. The signing of the new contracts is a successful result of ‘K’ LINE’s experience supervising vessel construction, its high-quality ship management, and its ability to boast the highest level of safety in its commercially optimised operations.

In its Medium-Term Management Plan published in May 2022, “K” LINE has positioned the LNG business as one of its top priority areas for future investment. The company will continue to expand its long-term contracts and accommodate the growing demand for energy by responding to the diverse needs of its customers.

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