Japan’s Nippon Yusen Kabushiki Kaisha (NYK Line) has taken steps to acquire a stake in Avenir LNG, an owner and operator of small-scale liquefied natural gas (LNG) carriers and LNG bunker vessels, thanks to its deal with Stolt-Nielsen Gas, a subsidiary of the Oslo Stock Exchange-listed Stolt-Nielsen.
Stolt-Nielsen has entered into a share purchase agreement with NYK Line to sell 50% of Avenir LNG, which was founded in 2017. With this partnership, the duo will expand their future small-scale LNG and LNG bunkering opportunities through the joint venture, supporting the global transition to LNG and bio-LNG for marine fuel and other industrial applications.
Udo Lange, Chief Executive Officer of Stolt-Nielsen, commented: “By entering into this joint venture, we are developing our long-standing partnership with NYK Line and supporting Avenir LNG’s position in small-scale LNG supply and bunkering. NYK’s experience in shipping and logistics, together with potential market opportunities arising from the continued expansion of LNG-fueled vessels, is expected to add value to Avenir LNG, its customers, and our shareholders.
“This transaction also reflects Stolt-Nielsen’s commitment to supporting sustainable energy solutions across global shipping supply chains by facilitating safe and reliable access to LNG fuel. I would like to thank and congratulate the Stolt-Nielsen, Avenir LNG and NYK Line teams for their contributions to this important transaction.”
Following a wave of dual-fuel LNG vessel orders in recent years, LNG is perceived to be rapidly getting adopted as a practical and scalable fuel that enables shipping to achieve emissions reductions. The new joint venture is said to underscore the commitment of the two companies to sustainable energy solutions for the maritime industry.
Hironobu Watanabe, Chief Executive of Energy Division at NYK Line, noted: “NYK has long built a strong relationship with Stolt Nielsen in the chemical tanker business. With this foundation of trust and proven partnership, and we are very pleased to establish a new joint venture through Avenir LNG. As the maritime industry accelerates its efforts toward decarbonisation, LNG and bio-LNG fuel has become more essential and practical role in supporting a sustainable energy transition.
“Through this new partnership, we are confident that Avenir LNG will be well positioned to meet the growing demands of the market and deliver enhanced value to the supply-chain. We will continue to develop our partnership with Stolt Nielsen while advancing our initiatives in LNG and bio-LNG bunkering, contributing to a more sustainable future for the maritime industry.”