Oshima Shipbuilding Bags NYK Vessel Order

The shipping and logistics company NYK (Nippon Yusen Kabushiki Kaisha) has concluded a long-term contract with Mitsubishi Paper Mills Limited for a new wood-chip carrier to be built by Oshima Shipbuilding Co. Ltd.

The ship will be able to load 4.3 million cubic feet of wood chips, said a press release from NYK.

The vessel features the latest design that will allow the vessel to perform well in all types of weather while ensuring low water resistance and high efficiency and energy-saving equipment that will lower fuel consumption considerably compared with conventional vessels.

The advanced eco-ship complies with SOx (sulfur oxide) emission regulations - The International Maritime Organization’s regulations requiring a global 0.5 percent cap on sulphur content in marine fuels starting in 2020.

NYK currently has four long-term contracts with Mitsubishi Paper Mills Limited — the largest share of contracts that any shipping company has with Mitsubishi Paper Mills Limited — and this contract will allow the two companies to enhance their eco-friendly transport.

In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK Group seeks to secure stable freight rates through long-term contracts and continue its efforts to contribute to stable and economical transport of energy resources.