Nippon Yusen Kaisha (NYK) has officially announced the name of its new shipping subsidiary, NYK Energy Ocean. This move marks another major upgrade of NYK's strategic layout in the shipping sector.

Last July, NYK reached an agreement with Eneos Ocean Corporation to acquire a majority of its fleet. The completion of the acquisition will give NYK Energy Ocean control of nearly 50 vessels, including 18 liquefied petroleum gas (LPG) carriers, 19 chemical and product tankers, and 12 bulk carriers. Notably, the acquisition does not include Eneos Ocean's crude oil tanker business.

The formation of NYK Energy Ocean will not only bring cost competitiveness with economies of scale to NYK, but will also further drive NYK's business growth through synergies with the new company's high-quality fleet and its experienced management team. The new company will officially start operations on April 1, 2025, when Chikaraishi Koichi, who has extensive shipping experience, will be appointed President of NYK Energy Ocean. The addition of Chikaraishi Koichi, who previously served as a representative director and senior Management company executive of NYK, will bring valuable industry insights and management experience to the new company.

NYK has been committed to fulfilling its infrastructure responsibility for the stability of energy transportation through its energy transportation business. The acquisition of Eneos Ocean's shipping business aligns with NYK's growth strategy and will further consolidate its leading position in the energy transportation sector.

The establishment of NYK Energy Ocean will not only bring new business growth points for NYK, but also inject new vitality into the global shipping market. We look forward to the future development of NYK Energy Ocean, will continue to uphold the fine tradition of NYK, to provide customers with more quality and efficient shipping services."