K Line, NYK Line and Partners Set Up LNG Bunkering Business
Japanese shipping companies K Line and NYK Line have teamed up with Chubu Electric Power and Toyota Tsusho on establishing LNG bunkering business in Japan.
To that end, the quartet has launched two joint ventures on May 10, Central LNG Marine Fuel Japan Corporation and Central LNG Shipping Japan Corporation, which will run the business.
The talks on potential cooperation were launched in January this year as the four companies wanted to tap into the growing interest in LNG as environmentally friendly fuel.
This is in particular important taking into account the role of LNG as an alternative to heavy fuel in the anticipation of the entry into force of more stringent environmental regulations on a global scale.
Compared to heavy fuel oil, the use of LNG can reduce emissions of sulfur oxides (SOx) and particulate matter (PM) by approximately 100 pct, nitrogen oxides (NOx) by as much as 80 pct, and carbon dioxide (CO2) by approximately 30 pct, a joint release said.