March 1, 2011 - NYK concluded a time-charter contract1 for a new LNG carrier with LNG Marine Transport Ltd. (president: Tetsuo Ishii; head office: Minato-ku, Tokyo) on February 28.

NYK also concluded a contract with Mitsubishi Heavy Industries, Ltd. (president: Hideaki Omiya; head office: Minato-ku, Tokyo) for the construction of the LNG carrier (gross tonnage: about 123,000 tons).

The LNG carrier, which will be chartered for this contract, will be completed in 2014. The carrier will be used to transport LNG for Tokyo Electric Power Company (TEPCO) from LNG export terminals of Papua New Guinea or others where TEPCO purchase LNG under the operational management of LNG Marine Transport Ltd. for 15 years after completion.
This carrier will be fitted with the latest equipment, such as ultra steam turbines,2 which will reduce fuel expenses by about 15 percent; systems for ballast-water treatment;3 and systems for operations using low-sulfur fuel.4 The carrier features an environment-friendly design that incorporates a range of initiatives to safeguard the environment.
NYK continues to strive for stable and economical energy transport.
1 Time-charter contract
A time-charter contract is a form of contract concluded between a user and the owner of a carrier under which, by paying the charter fee to the owner, the user charters the carrier for the period of time specified in the contract.
2 Ultra steam turbines
Ultra steam turbines is a turbine plant that has had its efficiency greatly improved by the addition of a reheating cycle, while maintaining the advantages of conventional turbine plants, such as high reliability and ease of maintenance. The plant efficiency for ultra steam turbines is said to exceed conventional turbine plants by about 15 percent.
3 Systems for ballast-water treatment
These systems treat microorganisms in ballast water, which is carried in tanks to maintain a vessel’s strength and stability during voyages, to prevent the disruption of marine ecosystems caused by the transfer of marine organisms in ballast water. The systems address the requirements of the Ballast Water Management Convention (pending), which has been adopted by the International Maritime Organization, even before the convention takes effect.
4 Systems for operations using low-sulfur fuel
These systems have specifications enabling the use of low-sulfur fuel to reduce SOx emissions, which have become a global concern. The systems incorporate devices that separate fuel-oil systems and support low-sulfur fuel.
I. Outline of LNG Carrier
(1)       Cargo tank capacity: about 145,400 cubic meters (LNG equivalent: approx. 67,000 tons, 4 moss-type tanks)
(2)       Gross tonnage: about 123,000 tons
(3)       Length overall: about 288 meters
(4)       Breadth: 49 meters
(5)       Main engine: Steam turbine
(6)       Speed: 19.5 knots
(7)       Shipbuilder: Nagasaki Shipyard & Machinery Works, Mitsubishi Heavy Industries, Ltd.
(8)       Commencement of service: 2014 (scheduled)
(9)       Operating control: LNG Marine Transport Ltd.
(10)   Name of ship: Undecided
II. Outline of Management Company
(1)       Company name: LNG Marine Transport Ltd.
(2)       Address: 1-1-1, Shimbashi, Minato-ku, Tokyo
(3)       Representative: Tetsuo Ishii, President
(4)       Description of business: Marine transport of liquefied natural gas and agency business of such
(5)       Capital: 460 million yen
(6)       Equity ownership: Tokyo Electric Power Company 70%; Nippon Yusen Kaisha 15%; Mitsubishi Corporation 15%
(7)         Establishment: October 5, 2004

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