Chubu takes LNGC stakes

Chubu Electric Power Co has taken over stakes in two LNG carrier-owning company’s from NYK and Mitsui OSK Lines (MOL).

The Japanese utility has acquired 40% stakes in Trans Pacific Shipping 1 Ltd (TPS1) and Trans Pacific Shipping 2 Ltd (TPS2).

Each company owns one 153,000-cbm LNG carrier newbuilding which was contracted in 2012 on the back of long term charter contracts from Chubu.

Both companies were originally set up as joint ventures between each of the two shipowners and trading house Mitsubishi Corp on a 50:50 basis.

Under the new arrangement Chubu and Mitsubishi will each retain a 40% stake in both TPS1 and TPS2, while NYK and MOL will hold the remaining 20% respectively.

Both ships will be used to ship LNG from Australia to Japan under a 15 contract in the case of the NYK ship and 20 for the MOL tanker.

Both ships are under construction at Mitsubishi Heavy Industries to its Sayaendo design, which uses a peapod-shaped cover designed to increase fuel efficiency.