K Line, Chubu Electric Power, Toyota Tsusho, and NYK Line jointly announced that the four companies have agreed to launch an LNG Bunkering business in Japan and have established two joint ventures.
The four companies initiated the discussions regarding a potential cooperation in LNG bunkering, as LNG is increasing rapidly. The four companies now agreed to launch the business, and established two joint ventures to run the LNG Bunkering Business. Each of the four companies will utilize the expertise and strengths that they each possess to propel the “Ship-to-Ship Bunkering” business.
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The joint ventures were established on May 10, and are called Central LNG Marine Fuel Japan Corporation and Central LNG Shipping Japan Corporation.
LNG is expected to become an important alternative to heavy fuel oil due to its low emission rate of air polluting substances and GHG, which will enable ships to meet increasingly stringent international regulations on emissions.
