NYK To Expand LNG Fleet

Nippon Yusen K.K., the largest Japanese shipping line, reportedly plans to order 20 new liquefied natural gas (LNG) tankers by 2010 and use five or six tankers for spot contracts, a change in strategy that may bring higher returns.

The company will fund the purchase of 15 of the ships jointly with customers with whom it has long-term contracts, said Hitoshi Nagasawa, head of Nippon Yusen's LNG group. It may use new or existing ships for the spot market and will be the sole owner of those ships.