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  4. NYK, MOL, "K" Line, and SCI Reaches LNG Long-term Time Charter for one LNG Carrier with Petronet LNG-Contract for Construction of a Carrier for Gorgon LNG Project-
 
 

NYK, MOL, "K" Line, and SCI Reaches LNG Long-term Time Charter for one LNG Carrier with Petronet LNG
-Contract for Construction of a Carrier for Gorgon LNG Project-

December 3, 2013
Nippon Yusen Kabushiki Kaisha
Mitsui O.S.K. Lines Ltd.
Kawasaki Kisen Kaisha Ltd.
The Shipping Corporation Of India


Front row, second from left, Hitoshi Nagasawa, NYK senior
managing corporate officer;
third from left, Dr. A. K. Balyan, MD and CEO of Petronet
LNG Limited

A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd.(“K” Line), and the Shipping Corporation of India (SCI) has announced an agreement with New Delhi–based Petronet LNG Limited (PLL) for a long-term time charter of a new liquefied natural gas (LNG) carrier having a capacity of 173,000 m3. At the same time, the consortium concluded an agreement with Hyundai Heavy Industries Co. Ltd. (Headquarters: Ulsan, South Korea) to build the vessel.
 
PLL is India’s first importer of LNG, and since 2004 has imported 5 million tons of LNG a year from Qatar, and an additional 2.5 million tons per year since 2009, using three LNG carriers. The new LNG carrier will be employed in the Gorgon LNG Project.
 
The four-company consortium that won the contract for the new carrier also operates the three vessels already in service, and will continue to ensure a steady supply of LNG to India, where energy demand continues to grow.
 
Outline of Charter Contract

Date and place of contract signing
December 2, 2013; New Delhi, India
Owner
India LNG Transport Company (No. 4) Private Limited (Headquarters: Singapore), new JV by NYK, MOL, "K" Line, and SCI
Charterer
Petronet LNG Limited
Charter period
19 years after launch of the new LNG carrier (September 2016)
Vessel
One new membrane-type LNG carrier (173,000 m3)
Shipbuilder
Hyundai Heavy Industries Co. Ltd.
Ship management
SCI

 
(Reference) Outline of Petronet Project

Buyers:
Petronet LNG Limited (PLL)
(Main shareholders)
GAIL (India) Limited  (GAIL)
12.5%
Bharat Petroleum Corporation Ltd. (BPCL)
12.5%
Indian Oil Corporation (IOC)
12.5%
Oil & Natural Gas Co. Ltd. (ONGC)
12.5%
GDF International (part of GDF Suez)
10.0%
Asia Development Bank (ADB)
5.20%
*The remaining percentage (about 35%) is publicly held
GAIL:
India's largest national gas company, holding a 95% share of the Indian gas market
BPCL:
India's third largest national petroleum refinery and sales company
IOC:
India's largest national petroleum refinery and sales company
ONGC:
National crude oil and natural gas extraction and refining company
 
 
 
Seller:
 
Ras Laffan Liquefied Gas Company Ltd. II (RasGas II)
Gorgon LNG Project (sales contract with ExxonMobil holding 25% of stock)
 
 
LNG purchasing volume/period:
(RasGas II)
5 million tons per year, 2004–2027
2.5 million tons per year, 2009–2034
(Gorgon LNG Project)
1.44 million tons per year, for 20 years after the beginning of supplying
 
LNG discharging port:
Dahej Port, Gujarat State of India
Kochi Port, Kerala State of India

 
For more information, please contact:
 
Ryutaro Okuzawa
Manager, No. 2 LNG Team, LNG Group
Nippon Yusen Kabushiki Kaisha
Tel: 81-3-3284-5836; Fax: 81-3-3284-6378
 
Yo Ishizaki
General Manager, LNG Carrier Group (C), LNG Carrier Division
Mitsui O.S.K. Lines, Ltd.
Tel: 81-3-3587-7627; Fax: 81-3-3587-7737
 
Satoshi Kanamori
Manager, LNG Team No.2, LNG Group
Kawasaki Kisen Kaisha, Ltd.
Tel: 81-3-3595-5484; Fax: 81-3-3595-5512
 
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