Asia/Pacific News
NYK, K Line Agree to Launch Ship-to-Ship LNG Bunkering Business in Japan
Japanese firms NYK, K Line, Chubu Electric, and Toyota Tsusho today said they have agreed to launch a ship-to-ship LNG Bunkering business in Japan, and have established two joint ventures to facilitate the move.
The first JV, Central LNG Marine Fuel Japan Corporation, will operate the LNG bunkering business, while the second, Central LNG Shipping Japan Corporation, will take ownership of an LNG bunkering vessel.
As previously reported, the group first announced in January they were in talks over creating such a business.
With the GHG reduction potential of LNG coming under increased scrutiny following the decarbonization goals agreed at MEPC 72 last month, the group say they put the CO2 savings of LNG over fuel oil at approximately 30%.
A recent ITF report concluded that Japan has the potential to become a major hub for liquefied natural gas (LNG) bunkering, but could face headwinds from new emissions regulations.
