On February 17, NYK and ENEOS Ocean Corporation (“ENEOS Ocean”) selected “NYK Energy Ocean Corporation” (NEO) as the name of the new company* that will take over ENEOS Ocean's non-crude-oil shipping business. NYK will acquire 80% of the shares of the new company and make it a subsidiary (“the transaction”).

By the end of last year, the transaction approval procedures by the Japan Fair Trade Commission and other relevant authorities in Japan and overseas were completed. The transaction is expected to be completed on April 1, and NEO will officially commence operations. Koichi Chikaraishi, who has a wealth of experience in shipping, including as representative director and senior managing corporate officer of NYK, is scheduled to be appointed as president.

NYK and ENEOS Ocean have also created a new logo for NEO. This logo comprises a symbol mark that incorporates a streamlined shape to represent marine transport, based on the NYK twin-red-striped “nibiki” flag, and epitomizes the responsibility and reliability of a shipping company.

NEO company logo

NEO aims to fulfill its responsibilities as an international shipping company by providing stable transport of raw materials and energy. To pursue further growth, NEO will pursue synergies with the NYK Group, which has scale advantages in terms of quality control and cost competitiveness. In addition to an excellent fleet, the new company will make use of top-notch personnel with abundant knowledge and experience inherited from ENEOS Ocean.

* A new company established by ENEOS Ocean to take over its shipping business, which includes LPG carriers, chemical tankers, product tankers (petroleum product carriers), and cargo ships (dry bulk carriers), through an absorption-type company split. NYK will acquire 80% of the shares and make it a subsidiary.

Reference (sequence of transactions)