Nippon Yusen Kabushiki Kaisha: NYK signs a multi-year agreement with GAIL (India) Limited for the charter of an LNG carrier
December 24, 2021
Additional accumulation of activities with stable freight rates and stable supply of LNG
NYK signed a multi-year time charter contract with GAIL (India) Limited, India’s largest natural gas company, for a liquefied natural gas (LNG) carrier. NYK and GAIL hosted an online ceremony on December 20.
Grace Emilia, the vessel to be chartered, is equipped with a low speed dual fuel diesel engine manufactured by WinGD (i.e. X-DF diesel engine) * which has superior fuel consumption efficiency and can operate by boiling gas stored in the cargo tank. The ship also has a reliquefaction system which can use the excess reliquefied evaporative gas and return it to the cargo tank.
The cargo tank is a membrane tank with a capacity of 174,000 cubic meters that uses advanced insulation materials ** to suppress the rate of evaporation (percentage of the volume of gas that vaporizes during navigation) in the tank at cargo and achieve higher efficiency and economical LNG transportation.
GAIL is India’s main state-owned natural gas company under the jurisdiction of the Ministry of Petroleum and Natural Gas and is a major dealer and operator of pipelines in the country. It is the market leader in the gas marketing segment, accounting for over 50% of total gas consumption by end users in the country.
NYK was in talks with GAIL for a time charter contract and other LNG related activities and sees GAIL as a key player in India, where demand for gas is expected to continue to rise due to remarkable economic growth. . Taking into account NYK’s LNG transport dossier and its sincere commitment, an agreement on this contract was concluded.
Following the recent COP26 agreement by countries to gradually reduce coal-fired electricity generation, it is expected that the demand for LNG, which has a lower environmental burden than other fossil fuels, will increase in the future, especially in the future. Asia.
NYK will continue to position India as an important strategic region and to meet the country’s energy demand, LNG, crude oil, LPG (liquefied petroleum gas), hydrogen and renewables will be promoted to meet the India’s future energy needs.
Overall length: 297.16 meters
Width: 46.4 meters
Main engine: X-DF diesel engine
Cargo tank capacity: 173,955 cubic meters
Shipbuilder: Hyundai Samho Heavy Industries Co., Ltd.
Delivery year: 2021
On February 3, NYK released the NYK Group ESG Story, which aims to further integrate ESG into the management strategy of the company and promote activities that contribute to the achievement of the SDGs (Sustainable Development Goals) through commercial activities. To strongly promote ESG management, the NYK group will encourage the creation of new value as a provider of sustainable solutions through a business strategy that includes the transport of LNG, which should be a low-carbon bridge fuel before the transition to the future zero-emission fuels.
A guideline detailing the concrete efforts to integrate ESG principles into the management strategies of the NYK group.
* A low speed diesel engine having excellent fuel consumption efficiency
** A tank manufactured by Gaztransport & Technigaz (GTT) fitted with the GTT Mark III flexible cargo containment system, which has insulating materials to suppress the rate of evaporation
GAIL (India) Limited
Headquarters: New Delhi, India
Chairman and CEO: Shri Manoj Jain