Chubu Electric Power is intensifying its cooperation with two Japanese shipping lines for new LNG carrier building projects.
The energy provider and Mitsui OSK Lines have entered into long-term charter contracts for two new liquefied natural gas (LNG) carriers, and a joint shipowner company has been formed by the two companies to fulfil the deal. On top of that, the joint company has agreed to build one vessel with MI LNG and the other with Kawasaki Heavy Industries.
Chubu is also collaborating with NYK. They have formed two joint-venture companies, each of which concluded a time-charter contract for a (LNG) carrier with Chubu Electric Power.
In addition, one of the JVs, Trans Pacific Shipping 6, signed a shipbuilding contract with MI LNG, whilst the other JV, Trans Pacific Shipping 7, closed a shipbuilding contract with Kawasaki Heavy Industries.
The new ships will be managed by NYK after being delivered in 2018, and will transport LNG for a 20-year period from the Freeport LNG project, in which Chubu Electric Power has an equity interest.