NYK Transports Oil for Thailand with VLCC ‘Taizan’
- Business & Finance
NYK has started transporting oil for an affiliate of the Thai Oil Public Co. Ltd. (Thai Oil) using a third very large crude-oil carrier (VLCC), Taizan (built: 2002; DWT: about 300,000 tonnes).
Taizan is scheduled to shuttle oil primarily from the Arabian Gulf to Thailand for three years, which will allow for the continued economic growth of Thailand through the long-term, stable transport of this energy resource.
Thai Oil operates one of the largest refineries in Thailand. Its business relationship with NYK began in February 2011 with the establishment of a joint venture that purchased the VLCC Tenyo (built: 2000; DWT; about 280,000 tonnes) from NYK and then chartered it to Thai Oil under a 10-year contract. The same process for followed to conclude a long-term contract with NYK for the VLCC Tateyama (built: 2002; DWT: about 300,000 tonnes) in November 2012. Thai Oil and NYK maintained close relations, and this third vessel, Taizan, was added to Thai Oil’s fleet in the same manner as the two previous ships.
Thai Oil decided on Taizan after highly appraising NYK for its crew training and ship management. Thai Oil was particularly impressed by NYK’s crew management, which allows for career advancement through seafarer development at the NYK-TDG Maritime Academy in Manila and NYK’s crew training center in Singapore.
One of the strategies contained in NYK’s medium-term management plan “More Than Shipping 2013” is to remain focused on meeting the growing demand for transport to and from Asia, and NYK thus looks forward to working with Thai Oil and further expanding the transport of energy resources in the area.
NYK, February 13, 2014