NYK Line Signs TC for Two LNG Carriers with Total

Japanese shipping giant NYK has signed a long-term contract with a unit of French energy giant Total to charter two liquefied natural gas (LNG) carriers.

According to the contract, Total Gas & Power Chartering Ltd (TGPCL) will charter from NYK two newly built liquefied natural gas (LNG) carriers that will be built by Samsung Heavy Industries Co. Ltd. in Korea and scheduled for delivery in 2021.

The two LNG carriers will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e., X-DF diesel engine) that has superior fuel-consumption efficiency and can operate on marine gas oil or boil off gas stored in the cargo tank.

The carriers will also feature a re-liquefaction system that can use surplus boil-off gas effectively. The cargo tank will be a 174,000 cubic meter capacity membrane-type tank that will make use of advanced insulating materials to suppress the boil-off rate (percentage of gas volume that vaporizes during navigation) in the cargo tank and realize superior efficiency and economical LNG transportation.

NYK had concluded a time-charter contract with Total on September 28, 2018, for another LNG vessel. Also NYK currently offers ship-management services through Gazocean, a French joint venture between NYK and Total, and will continue to deepen collaboration with Total in both LNG transportation and ship management.

In accordance with its new medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK Group seeks to secure stable freight rates through long-term contracts, provide flexible and optimal LNG transport options that meet customers’ diversifying needs, and continue its efforts to contribute to a stable supply of LNG.