NYK Group becomes one of the world’s largest operators of LPG carriers

On April 1, NYK acquired 80% of the shares of NYK Energy Ocean Corporation (NEO), a new company that commenced operations after taking over all of ENEOS Ocean’s shipping business with the exception of its crude-oil tanker business. The acquisition price of the shares by NYK will be approximately 76 billion yen.*

NEO now operates 47 vessels, including 18 LPG carriers, 18 chemical and product tankers, and 11 cargo ships, all taken over from ENEOS Ocean. Together with the 16 LPG carriers currently operated by NYK, the NYK Group will become one of the world's largest operators of LPG carriers.

The NYK Group is strengthening its LNG/LPG carrier business as a growth business, aiming to fulfill its responsibility for stable energy transportation. We aim to achieve further growth in the energy transportation business by creating synergies through the transfer of more than 100 talented employees and a high-quality fleet of 47 vessels from ENEOS Ocean and strengthening cooperation with the ENEOS Group, which is involved in a wide range of energy businesses.

Koichi Chikaraishi, president of NEO, commented: "Today, NYK Energy Ocean Corporation has been established. ENEOS Ocean provides high-quality marine transport services to companies in Japan and overseas. NYK Energy Ocean, which has taken over this business, will continue to accurately grasp customers' needs and aim to achieve reliable and efficient marine transport based on the philosophy that safety comes first. Furthermore, by becoming a member of the NYK Group, we will leverage the benefits of scale to improve quality control and cost competitiveness."

* The acquisition price has not yet been determined as the price adjustment after the acquisition of shares has not yet been completed.

NYK Group press release