Transport communications

Portcare International is the press relations consultancy for the shipping and logistics industry. Formed by transport people for transport people. We can truly claim to understand our clients’ needs and ‘talk the same language’. Portcare provide effective, value for money PR to some of the industry’s best-known names.

Archives for May 2018

TT Club announces positive financial results for 2017 and A.M. Best affirms A- (Excellent) rating

May 31, 2018 by

TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2017, and A.M. Best affirms its A- (Excellent) rating

Highlights:

  • $181.8 million gross earned premiums (2016: $177.8 million)
  • $7.3 million surplus for the year (2016: $5.2 million)
  • Total assets of $597.6 million (2016: $613.0 million)
  • Total surplus and reserves $193.1 million (2016: $185.8 million)
  • 2017 financial year combined ratio of 97.0% (2016: 95.3%)
  • A.M. Best affirms financial strength rating  as  A- (Excellent)

Chairman of TT Club, Ulrich Kranich, said:

“The Club has taken in its stride hurricane-related claims that impacted a number of Members’ operations in the Caribbean and North America in August and September 2017. To have done so in the context of the highest ever level of insured losses on record from natural catastrophe events is a notable achievement and is especially pleasing given this year we are celebrating the 50th anniversary of the Club.

“The Board’s key objective is to maintain at all times its A- (Excellent) financial strength rating awarded by A.M. Best. This rating was affirmed by Best on 24 May 2018.The business plan adopted by the Board is set to drive the business forward, while ensuring the rating is maintained, and financial performance in 2017 was in line with the business plan.

“In particular, the financial year combined ratio, which is the main measure of operating performance, was within the Board’s target range, despite the claims arising from the three hurricanes. As a mutual, the finances are managed to maintain a balance between Members’ premiums and claims on the Club, together with the expenses of running it. A small surplus is targeted as required to ensure the Club’s capital strength is maintained to support on-going growth.

“In December 2017, the Club repaid its $30m long-term subordinated debt which was taken out in 2006 to enhance the Club’s capital strength. This will lead to a saving in interest payable on the debt of US$ 1.2 million per annum. The capital was fully admissible for both regulatory and rating purposes and has given the Club valuable financial flexibility in the period since 2006.

“New business performance was positive in the year, and net new business was slightly higher than budget, which is in part a result of the strong retention levels achieved by the Club in 2017. The Managers are prudent in writing new business in the current, very competitive market conditions, as it is very important to prioritise managing the Club’s loss ratio.

“Attritional claims performance in 2017 was as expected. The Club’s book of business is now a healthy mix of Member sizes, sectors and geographies, and the impact of this is that in respect of attritional claims, the loss ratio fluctuates within a very small range each year.

“Large claims performance in the year was dominated by claims from the three North Atlantic hurricanes, Harvey, Irma and Maria. Aon Benfield has estimated the industry’s insured losses from these hurricanes to be around US$ 80 billion. Set in this context, the Club’s estimated losses from the three hurricanes, at less than US$ 10 million, are testament to the success in ensuring the Club is managing its gross and net exposure successfully.”

An official announcement from A.M. Best stated that TT Club’s ratings reflected: “its balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, and appropriate enterprise risk management”. The announcement also referenced TT Club as a mutual with “a strong position in its niche market, which is supported by its excellent member retention and global presence.”

The TT Club’s 2017 Annual Report and Financial Highlights can be downloaded here: https://www.ttclub.com/brokers/document-store/

– Ends  –

Notes to editors

TT Club

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services. Established in 1968, the Club’s membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Thomas Miller

Thomas Miller is an independent and international provider of insurance, professional and investment services.

Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

  • Management services for transport and professional indemnity insurance mutuals
  • Investment management for institutions and private clients
  • Professional services
  • Building defects insurance

www.thomasmiller.com

Filed Under: TT Club

GEODIS extends its relationship with Stokke to facilitate its imports into Asia

May 31, 2018 by

LEVALLOIS-PERRET

Norwegian children’s quality furniture and equipment manufacturer Stokke has contracted with GEODIS in China to establish a pan-Asian warehousing and distribution platform to facilitate its rapid consumer market growth via retail stores and e-commerce. 

GEODIS has been contracted to support the Norwegian manufacturer in what has been a rapid and successful market growth for Stokke. GEODIS has established two warehouses in the Shanghai region and will implement a specially designed IT solution to organize packaging, labelling, quality inspection, inventory control and palletisation of the imported products.  GEODIS will also organize the distribution of orders to retail outlets in over twenty cities throughout China.

The growth potential of the Chinese middle-income market is underlined by the increase in quality products being imported from Europe.  The Norwegian head-quartered Stokke AS, established over eighty years ago, has been producing premium children’s equipment, including highchairs, strollers and nursery furniture, for nearly fifty years and exporting to China for the past ten.

Lars Myrup, Managing Director Stokke APAC, comments: “We are experiencing a surge in orders for our ergonomic and nature-respecting products from the increasingly discerning Chinese consumer and required a supply chain service provider with a flexible approach to serving a dynamic market.  After an extensive tender process, the solutions provided by GEODIS combined with a respect for the environment in line with our own, convinced us of their suitability.”

“GEODIS is delighted to be extending the relationship with Stokke that began some five years ago,” comments Onno Boots, Regional President Asia Pacific. “We pride ourselves on meeting the logistic challenges faced by our customers.  In the case of Stokke we have been able to design an IT platform that seamlessly coordinates the inventory control and value-added services we provide at our Shanghai warehouses with efficient road delivery to outlets across China.  This solution will also be able to facilitate e-commerce orders in the future.”

The partners potentially plan to extend their cooperation in due course to allow the distribution of Stokke products into developing markets in other parts of the Pacific Rim, including Korea, Japan, Singapore and Australia.

ENDS

GEODIS – www.geodis.com
GEODIS is a worldwide leader in transport and logistics operating directly in 67 countries and serving 120 countries through its agent network.
In 2017, GEODIS generated €8.1Bn in sales with 40.500 employees worldwide.
In 2018, the Company has recently been recognized as a leader by Gartner in its 3PL Magic Quadrant.
Filed Under: GEODIS

Delivery of ‘Corona’ Series Coal Carrier “CORONA XANADU”

May 29, 2018 by

Kawasaki Kisen Kaisha, Ltd., Tokyo, (hereafter called “K” Line) is proud to announce the delivery of “CORONA XANADU,” an 88,000 DWT-type special coal carrier at Shin KasadoCorona Xanadu May 18 2 Dockyard Co.,Ltd. of Imabari Shipbuilding Group Japan on May 23, 2018.

CORONA XANADU is same type as “K” Line’s specialized fleet for transport of thermal coal known as the “Corona-series”. The Corona-series consists of epoch-making coal carriers equipped with wide beam and shallow draft, which are the most suitable type to enter ports of domestic Thermal Power Stations to discharge cargo.

CORONA XANADU is equipped with latest energy saving and ecological technology such as WAD (Weather Adapted Duct) which promotes her propeller efficiency and ballast water management system which saves marine ecosystems.

With this new latest deployment, the Corona-series now consists of 19 carriers. “K” Line takes pride that its Corona-series has been so favorably evaluated for always ensuring customers steady and reliable thermal coal transport service with maximum safety.

 

Vessel’s Specifications
LOA 229.98 M  Deadweight Tons 88,869 MT
 Beam 38.00 M  Gross Tons 　49,733   T
 Depth 19.90 M  Net Tons 28,528   T
 Full Draft 13.904 M  Hold/Hatch      5/5

 

Filed Under: "K" Line

American P&I’s Essential Best Practices and Regulatory Guidance for Shipowners and Operators

May 29, 2018 by

New York, May 23, 2018

Following its long tradition of advisory service to maritime operators, the American P&I Club has issued two comprehensive shipowners’ guides to regulatory compliance; Welcome to Greater China and Welcome to the USA.  Also published recently is one of the Club’s concise pocket guides for seafarers, Good Housekeeping and another for masters and mates, Signing Bills of Lading.

The American Club sees providing advice on safety, environmental protection, cargo worthiness and regulatory issues as a crucial part of its service to Members and the shipowning community at large.  The complexity of maritime regulation in many countries is widespread and ever-changing.  With the USA and China both being major trading nations, and significant operators in world maritime commerce, knowledge of and adherence to all regulations that apply in either jurisdictions is of great importance.

Dr. William Moore, Senior Vice President and the Club’s Loss Prevention Director, commented, “We’ve introduced this series of ‘Welcome to’ guides to encourage owners and operators to appraise themselves of regulations with which their vessels must abide.  Responsible operation ensures safety and, of course, avoids delays and potential fines.”

Both the USA and China guides are presented in a clear, easy to follow tabular format and broken down into sections relating to Safety, Maritime Security, Environmental Protection and Liability.  Each are fully comprehensive and cover all regulations from crew nationality to spillage response plans, and from ballast water management to garbage disposal. They have been up-dated, with all regulatory changes as of May 2018, and are available via the American Club website at:

http://www.american-club.com/page/USA-regulations

http://www.american-club.com/page/greater-china-regulations

Joe Hughes, Chairman and CEO of the American Club’s managers highlighted the crucial role of loss preventing advisory services, “We are acutely aware of the need for accurate information to be readily available to operators and crew.  In the case of ships’ masters and mates the format of its presentation should be intensely practical.  So I’m pleased that we have also recently published another of our successful Pocket Guides for handy use by ships’ officers.  This one dealing with the sometimes vexing questions surrounding Signing Bills of Lading.”

The bill of lading pocket guide is once more designed to be comprehensive in covering all possible circumstances where the officer in charge is called upon to sign bills of lading.  It covers aspects of Bills of Lading clauses including accurate description of goods; non-negotiable copies; charter party incorporation and carriage terms. This guide is a reliable manual for crew responsible for making on-the-spot decisions regarding correct bills of lading procedures.

Also in the Pocket Guide series and published late last year is Good Housekeeping which focuses upon ensuring the appearance of ships and shipboard equipment.  Such outward appearances rarely go unnoticed during port state control or vetting inspections, ISM audits and condition surveys.

As the series’ name suggests, the guides fold down to a size easily kept in a jacket or shirt pocket.  Access to and more information about the American Club’s loss prevention services and publications is available at http://american-club.com/page/loss-prevention.

Notes to Editors

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

Filed Under: The American Club

The GEODIS organization evolves to offer its Clients easy and full access to end-to-end Logistics Solutions throughout the world

May 29, 2018 by

 

MAY 23, 2018 : LEVALLOIS-PERRET

As GEODIS’ strategy is to be the growth partner of its clients, the Group is creating a new organization to serve this ambition.  This new organization aims at providing the Group’s clients easy and full access to its unique portfolio of intercontinental transportation, customs clearance, road freight transportation, warehousing and last mile distribution in each country of the world either through its own assets or selected partners.

Alongside the Group’s existing lines of business, 4 new regions have been established under one leadership responsible for the full GEODIS service offer.  These regions are Western Europe, Middle East & Africa, Northern & Continental Europe, Americas and Asia Pacific. In addition, the Group is enhancing two central departments: Business Development & Marketing with the mission to design and build end-to-end logistics solutions and Innovation & Business Excellence to embed innovative ideas in its business processes

The board of management led by Marie-Christine Lombard, CEO of GEODIS, reflects this new organization:

Regions:

  • Western Europe, Middle East and Africa, Laurent Parat
  • Northern and Central Europe, Thomas Kraus
  • Americas, Randy Tucker
  • Asia Pacific, Onno Boots

Lines of business:

  • Distribution and Express, Olivier Mélot
  • Road transport, Olivier Royer
  • Global Freight Forwarding, Eric Martin-Neuville
  • Supply Chain Optimization, Boris Pernet

Group functional executives:

  • Chief Financial Officer, Amaury Valicon
  • Corporate Secretary, Stéphane Cassagne
  • Group Information Technology, Henri Linière
  • Group Human Resources, Mario Ceccon
  • Business Development & Marketing, Kim Pedersen
  • Innovation & Business Excellence, Philippe de Carné

The lines of business remain the cornerstone of the Group’s comprehensive expertise:

  • Contract Logistics: Order management, pick and pack, value-added services and outbound transport management, with more than 7 million square metres of warehousing around the world.
  • Distribution & Express: Day Definite Delivery of parcels (24h-48h) and Next Day Delivery in France, as well as cross-border countries, carried out via 150 Distribution & Express facilities.
  • Freight Forwarding: International multi-modal ocean, air and rail transportation, as well as customs brokerage in 120 countries. The Industrial Projects division designs complex out-of-gauge operations for companies in sectors such as oil & gas, mining, and renewable energy.
  • Road Transport: Full Truck Load transport for general cargo and special commodities (chemical, steel, etc.) with a fleet of 2,300 own trucks and an extensive sub-contractor network across Europe.
  • Supply Chain Optimization: Advisory services such as supply chain diagnosis and network design, supply chain management.

Marie-Christine Lombard, CEO of GEODIS, comments: “We believe that this new organization will make it easier for our customers to access our services through a stronger local presence.  It will also offer more opportunities to develop end-to-end logistics solutions to optimize our clients’ supply chains.”

www.geodis.com

GEODIS is a worldwide leader in transport and logistics operating directly in 67 countries and serving 120 countries through its agent network.

In 2017, GEODIS generated €8.1Bn in sales with 40.500 employees worldwide.

In 2018, the Company has recently been recognized as a leader by Gartner in its 3PL Magic Quadrant.

Filed Under: GEODIS

“K” Line’s Environmental Management Promotion System Acquires “Statement of Conformity”

May 17, 2018 by

We are pleased to advise that “K” LINE and some of its group companies recently acquired a “Statement of Conformity[i] ” for our environmental system, “DRIVE GREEN NETWORK,” (hereinafter referred to as “DGN”) for pushing forward group-wide environmental management in consequence of a conformity audit by a third-party institution (DNV-GL[ii]).

“DGN” was started in June 2017[iii] for continually improving environmental preservation activities while promoting the PDCA cycle function and ensuring environmental compliance throughout the entire “K” LINE Group. We strive for realization of a sustainable society as an entire group through individual efforts of each company in identifying and addressing environmental issues in their daily operations.

“DGN” had been introduced to the entire “K” LINE Group in three phases, and the scope of application of the Statement of Conformity this time is for 15 companies (14 companies in Japan including “K” LINE and one overseas affiliate). In 2018, the year of Phase 2, “DGN” is intended for all remaining targeted companies in Japan and some overseas targeted companies; and in 2019, which marks the centennial of the foundation of the company, it will be introduced to all group companies including overseas affiliates.

The project name, “DRIVE GREEN NETWORK” is assigned in the hope of carrying out the ambition of “getting one step ahead toward the future” of DRIVE GREEN HIGHWAY[iv], our next-generation eco-friendly flagship which was completed and entered service in 2016.

The “K” LINE Group is proceeding with environmental actions toward the goal which is set in our long-time environmental principle, “K” LINE Environmental Vision 2050 — Securing Blue Seas for Tomorrow —[v]”. As an environmental front-runner, we continue to work to realize the business that enables more people around the world to enjoy lower-load and highly efficient maritime shipping.

[i] DGN-GL: a company based in Oslo, Norway and mainly provides services such as various verifications, technical consultation, and vessel inspection in Japan.

https://www.dnvgl.us/about/index.html

[ii] Statement of Conformity: a certificate for stating that it was proved that the DGN activities addressed by all targeted companies are being implemented in accordance with the DGN manual

[iii] For details of [DGN” was started in June 2017], please see:

https://www.kline.co.jp/en/news/other/other-3846661036698582525.html

[iv] For details of DRIVE GREEN HIGHWAY, please see:

https://www.kline.co.jp/en/feature02.html

[v] For details of “K” LINE Environmental Vision 2050 — Securing Blue Seas for Tomorrow —, please see: https://www.kline.co.jp/en/news/other/other2292932378768149328.html

 

 

Filed Under: "K" Line

GEODIS to demonstrate its Industrial Project expertise at Breakbulk 2018

May 14, 2018 by

GEODIS will be a Gold Sponsor at this year’s Breakbulk Europe at Messe Bremen, Germany from 29 – 31 May 2018, where its Industrial Project team will be attending as an exhibitor.

GEODIS’ Industrial Projects business is specialized in heavy-lift across all industry segments with a strong global network offering tailor-made solutions for its customers. With expertise in engineering and super heavy-lift projects, it is used to delivering innovative solutions for numerous and diverse project cargo customers worldwide.

Principal representatives from GEODIS’ Industrial Projects team will be available on Stand 829 to discuss visitor requirements and offer the most appropriate and effective solutions to meet their project cargo needs.

“Breakbulk is a key event in the industry to determine market trends in project cargo and discuss the future of big cargo in the global market”, commented Philip Somers, Senior Vice President Industrial Projects for GEODIS. “It offers the perfect platform for GEODIS to meet with its customers and to look at tackling challenging projects from a new perspective. “

Breakbulk Europe is one of a series of international exhibitions and education forums and the foremost in the world addressing the needs of traditional breakbulk and project cargo logistics professionals. With over 400 exhibitors and sponsors including cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers and equipment companies providing expertise in this specialized industry.

For more information on Breakbulk Europe 2018 please click here

ENDS

GEODIS – www.geodis.com

GEODIS is a top-rated, global supply chain operator recognized for its passion and commitment to helping clients overcome their logistical constraints. GEODIS’ growth-focused offerings (Supply Chain Optimization, Freight Forwarding, Contract Logistics, Distribution & Express, and Road Transport) coupled with the company’s truly global reach thanks to a direct presence in 67 countries, and a global network spanning 120 countries, translates in top business rankings, #1 in France, #4 in Europe and #7 worldwide.

In 2017, GEODIS accounted for over 40,500 employees globally and generated €8.1 billion in sales.

Filed Under: GEODIS

“K” Line Global RORO Service Website Released

May 14, 2018 by

May 11, 2018

“K” Line car carrier department launches a new website for customers using our complete car and RORO cargo transport services.

This new website provides a menu with three easily-accessible and convenient tools for customers using our transport services: cargo tracking, schedule viewing, rate requesting.

Please visit our new customer website from the URL shown below.

“K” LINE GLOBAL RORO SERVICE WEBSITE

http://www.klineglobalroro.com/index.html

Filed Under: "K" Line

ABS, the American Club and Lamar University Join Forces to Improve Maritime Workforce Safety

May 10, 2018 by

Joint Initiative Tackles Common Causes of Maritime Accidents

New York, May 10, 2018

ABS, the American Club and Lamar University are launching a new initiative aimed at reducing maritime-related safety incidents. The initial focus of the partnership’s analysis and industry guidance will be on slips, trips and falls, a significant cause of maritime injuries.

Commenting for ABS, Manager of Human Factors, Dr. Kevin McSweeney said, “We are excited to work with our partners to develop pragmatic guidance for some of the most common hazards and behaviors affecting maritime personnel. Much still remains to be done in reducing these incidents.” McSweeney provides more detail, “Slips, trips and falls have received a lot of attention over the years but remain a leading cause of incidents aboard ship. This initiative will identify, prepare and share actionable safety-related guidance to help organizations better prioritize resources and measure progress to improve seafarer safety and health.”

According to the ABS Mariner Safety Research Initiative, the commonly reported causes of slips, trips, and falls are situational awareness (40%) and poor housekeeping (29%). The American Club’s Senior Vice President William Moore emphasized the collaborative nature of the initiative, “The specific talents of all three partners have come together in identifying common behaviors and hazards impacting maritime personnel; developing recommendations for interventions that can improve safety, as well as presenting guidance to marine owners and operators in understanding key causes, with the ultimate aim of implementing onboard strategies to mitigate these incidents.”

“Our goal with this initiative is developing practical industry recommendations that can be applied to improve the day-to-day safety of maritime crews and staff,” said American Club’s Moore. “By working with ABS, a recognized leader in maritime safety, and Lamar University, this effort will move the ball towards the ultimate objective of reducing work-related incidents; we all fully appreciate what impact fatalities and serious debilitating injuries will have on associated costs to marine liability insurers – let alone the abject misery caused to the families of affected seafarers.”

“Through the ABS/Lamar University Mariner Safety Research initiative, we have a long history of providing solutions to help prevent maritime injuries”, stated Lamar University Professor and Chair of the Department of Industrial Engineering and Director of the Mariner Safety Research Initiative, Dr. Brian Craig. “By collecting and analyzing injury and incident data we can identify lessons learned and corrective actions to aid in preventing the occurrence and reoccurrence of maritime injuries. We all believe that this partnership will help improve the welfare of the maritime industry’s most valuable asset; its seafarers.”

ENDS

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design, and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.

About The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Houston, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents.

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/.

About Lamar University

Home to more than 15,000 students, Lamar University, near Houston in Beaumont, Texas, is among the state’s fastest growing colleges and universities, and is a member of The Texas State University System. LU offers more than 100 programs of study leading to bachelor’s, master’s and doctoral degrees.

The university has been nationally recognized for the quality of its core curriculum and the diversity of its student body. LU stresses academic achievement by emphasizing hands-on learning at all levels, providing ample opportunities for undergraduate research and supporting an excellent Honors Program. The university is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools. Several LU colleges and programs hold additional specialized accreditations, including the five undergraduate engineering programs in the College of Engineering. LU also is home to the many unique programs including the Center for Advancements in Port Management, the Center for Innovation, Commercialization and Entrepreneurship, and the Mariner Safety Research Initiative.

For more information, please visit Lamar University website https://www.lamar.edu/, the Department of Industrial Engineering website https://www.lamar.edu/engineering/industrial/index.html, and the Mariner Safety Research Initiative website http://maritime.lamar.edu/.

 

 

Filed Under: The American Club

“K” Line, Chubu Electric Power, Toyota Tsusho, and NYK Line Establish LNG Bunkering Joint Ventures and Launch the LNG Bunkering Business in Japan

May 10, 2018 by

180510 LNG Bunkering Vesselm LNG Fueled vessel

Kawasaki Kisen Kaisha, Ltd. (Head office: Chiyoda-ku, Tokyo; President & CEO: Eizo Murakami; hereinafter “K” Line), Chubu Electric Power Co., Inc. (Head office: Higashi-ku, Nagoya; President & Director: Satoru Katsuno; hereinafter Chubu Electric Power), Toyota Tsusho Corporation (Head office: Nakamura-ku, Nagoya; President & CEO: Ichiro Kashitani; hereinafter Toyota Tsusho), and Nippon Yusen Kabushiki Kaisha (Head office: Chiyoda-ku, Tokyo; President: Tadaaki Naito; hereinafter NYK Line) jointly announce that the four companies have agreed to launch the LNG Bunkering business in Japan and have established two joint ventures1 today.

LNG is expected to become an important alternative to heavy fuel oil due to its low emission rate2 of air polluting substances and greenhouse gases, which will enable ships to meet increasingly stringent international regulations on emissions.

As per the announcement on January 26, 2018, the four companies have been in joint discussions on the commercialization of LNG Bunkering Business in the Chubu (central region) of Japan. The four companies have now agreed to launch the business, and today established two joint ventures to run the LNG Bunkering Business. Going forward, each of the four companies will utilize the expertise and strengths that they each possess to propel the “Ship-to-Ship Bunkering3” business.

1  Overview of the newly established joint ventures

– Corporate name :
1. Central LNG Marine Fuel Japan Corporation
2. Central LNG Shipping Japan Corporation
– Shareholders :
“K” Line, Chubu Electric Power, Toyota Tsusho, and NYK Line
– Business content:
1. LNG Bunkering Business
2. Ownership of the LNG Bunkering Vessel
– Date of establishment :
May 10, 2018

 

2  Merits of LNG

Compared to heavy fuel oil, the use of LNG can reduce emissions of sulfur oxides (SOx) and particulate matter (PM) by approximately 100%, nitrogen oxides (NOx) by as much as 80%, and carbon dioxide (CO2) by approximately 30%.

3  Ship-to-Ship Bunkering

A method of bunkering where an LNG Bunkering vessel comes alongside an LNG Fueled vessel to supply LNG at different locations such as along the quayside, pier or at anchor.

Filed Under: "K" Line
Next Page »