NYK joins development of Cygnus LNG Shipping
NYK Line has joined with Tokyo Electric Power Co. and Mitsubishi Corp. to create Cygnus LNG Shipping.
Cygnus, based in the Bahamas, will transport liquefied natural gas (LNG) for Tokyo Electric.
Tokyo Electric will provide 70 percent of the capital needed for the new company, and NYK and Mitsubishi will equally contribute the remaining 30 percent. According to the companies, Mitsubishi Heavy Industries will construct a company-owned vessel to transport the LNG, and will delegate management of ship operations to NYK. The vessel will be launched in December 2008.
The ship will transport LNG for the Sakhalin II project, which is now under development in Sakhalin, Russia. The ship will mainly operate a scheduled service between Sakhalin and Japan, transporting LNG from the Port of Prigorodnoye, located south of Sakhalin.