Join our crew and become one of the 110,917 members that receive our newsletter.

Japan’s MHI and Imabari Shipbuilding Team Up on New LNG Carrier Joint Venture

Japan’s MHI and Imabari Shipbuilding Team Up on New LNG Carrier Joint Venture

gCaptain
Total Views: 33
March 25, 2013

The “Sayaendo” has a peapod-shaped continuous cover over spherical LNG tanks that is integrated with the ship’s hull, enabling a more efficient ship structure and reductions in weight and size. MHI has so far received orders for five such units with the first ship currently under construction. Illustration MHI

Japan’s Mitsubishi Heavy Industries (MHI) and Imabari Shipbuilding Co. have teamed up on a new company aimed at the large-scale design and marketing of LNG carriers in order to meet the growing global demand for liquified natural gas.

The joint venture, called MI LNG Company, will be 51%-owned by MHI with the remaining 49% owned by Imabari Shipbuilding and will have its head office in Minato-ku, Tokyo.

The new company will have a total shipbuilding capacity of more than eight LNG carriers per year, with construction taking place at either MHI’s Nagasaki Shipyard & Machinery Works or Imabari Shipbuilding.

MHI has been in LNG carrier development and construction business since the 1970’s, with 42 ships delivered to date. Imabari Shipbuilding is Japan’s largest shipbuilder in terms of both tonnage and sales revenue and also has LNG carriers in its portfolio.

Together MI LNG Company will have the ability to take orders for multiple LNG carriers, with types ranging from the conventional Moss type tanks to the so-called “Sayaendo,” a new-generation LNG carrier developed by MHI which promises enhanced energy savings and operability.

The new JV is not the first time the two companies have collaborated on a project. In May 2012, MHI agreed with Imabari Shipbuilding to collaborate on container carrier technology, and in July won licensing rights to manufacture and market deck machinery. Later in October, the two companies jointly received an order for two energy-efficient, next-generation pure car and truck carriers from Nippon Yusen Kabushiki Kaisha (NYK Line).

MI LNG Company will be capitalized with 50 million yen and will become effective April 1, with operations beginning April 8.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 110,917 members delivered daily straight to your inbox.