Japanese quartet sets up two LNG bunkering joint ventures
Kawasaki Kisen Kaisha (K Line), Chubu Electric Power, Toyota Tsusho Corporation and Nippon Yusen Kabushiki Kaisha (NYK Line) have established two LNG bunkering joint ventures.
LNG is expected to become an important alternative to heavy fuel oil due to its low emission rate of air polluting substances and greenhouse gases, which will enable ships to meet increasingly stringent international regulations on emissions.
As informed in January, the four companies have been in joint discussions on the commercialization of LNG bunkering business in the Chubu (central region) of Japan.
The four companies have now agreed to launch the business, establishing two joint ventures to run the LNG bunkering business.
The two joint ventures have been named the Central LNG Marine Fuel Corporation and the Central LNG Shipping Japan Corporation.
The first of the two will be running the LNG bunkering business while the second joint venture will own the LNG bunkering vessel.