NYK Lines LNG Carrier

NYK Lines to Reduce LNG Carrier and FPSO Expenditures By ¥100 Billion

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July 31, 2012

Image: NYK

TOKYO–Nippon Yusen KK (9101.TO) said Tuesday that it has slashed its investment to build new liquefied natural gas carriers and floating production, storage and offloading carriers to come online by March 2017 by Y100 billion to Y160 billion, in response to low shipping rates, high bunker fuel prices and the continued strong yen.

The Japanese shipping company also said in a statement that it has reduced the number of oil tankers it operates by 19 to 85 in the financial year ended March and plans to make further cuts to bring down the number to 80 by the end of March 2013.

Mari Iwata, (c) 2012 Dow Jones Newswires

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