Photo: Illustration only (Courtesy of Gazocean)

NYK boosts LNG carrier management capacity

Japanese shipping major Nippon Yusen Kaisha (NYK Line) has signed a deal with Total to acquire shares in the ship management company Gazocean.

NYK boosts LNG carrier management capacity
Illustration only (Courtesy of Gazocean)

Under the sales and purchase agreement with Total, NYK Line will acquire all the French company’s shares in Gazocean on October 22.

Based in Marseille, France, and responsible for the management of six LNG carriers, Gazocean is now a wholly-owned unit of NYK.

The move will strengthen NYK’s ship-management system and expand the company’s LNG transportation business in France.

Before the purchase, NYK held 20 per cent of Gazocean shares and Total held 80 per cent.

The acquisition has been reviewed by Gazocéan’s employee representatives as part of the regulatory information and consultation procedure. It also has the approval of the competent authorities.