NYK and Ocean Yield Expand LNG Carrier Fleet

In a move that signals continued confidence in the liquefied natural gas (LNG) shipping market, Japanese shipping company Nippon Yusen Kaisha (NYK) and Norwegian ship leasing specialist Ocean Yield have expanded their joint LNG carrier program. According to a report from Splash247, the partners have declared options for additional newbuildings at South Korea's HD Hyundai Heavy Industries, doubling their orderbook to serve long-term charters with U.S. LNG producer Cheniere Energy. The original agreement between NYK and Ocean Yield, announced in 2019, covered the construction of four 174,000 cubic meter LNG carriers. With the latest expansion, the total number of vessels in the program has now grown to eight. 'This is a significant expansion of our successful partnership with NYK in the LNG segment,' said Ocean Yield's Chief Executive Officer, Lars Solbakken. 'The additional vessels will contribute to further strengthening our position as a leading provider of modern and fuel-efficient LNG carriers on long-term charters.' The new LNG carriers are scheduled for delivery between 2024 and 2025, and will serve 20-year time charters with Cheniere Energy, one of the world's largest LNG producers. The agreement highlights the continued strong demand for LNG shipping capacity to support the global energy transition away from dirtier fossil fuels.