MHI and Imabari Shipbuilding Establish MI LNG Company

Press Release
Monday, March 25, 2013
"Sayaendo" a new-generation LNG carrier

Move taken to accommodate large-scale projects as way of winning place in the international market.



Effective April 1, Mitsubishi Heavy Industries, Ltd. (MHI) and Imabari Shipbuilding Co., Ltd. of Imabari, Ehime Prefecture, will jointly establish MI LNG Company, Limited, a company to handle the design and marketing of LNG carriers. Through establishment of the JV, the two companies aim to proactively prepare a structure capable of responding to large-scale LNG carrier construction projects, which are expected to increase in tandem with expanding global demand for LNG. By combining MHI's technology development capabilities and Imabari Shipbuilding's cost competitiveness, supported further by the effective management of their respective shipyards, the two companies look to earn a place in the international LNG carrier market.


The JV, which will have its head office in Minato-ku, Tokyo, will be capitalized at 50 million yen. MHI will own 51% of equity and Imabari Shipbuilding will hold the remaining 49%. Upon receiving an order for an LNG carrier, the JV will prepare the specifications, etc., and then order ship construction either to MHI's Nagasaki Shipyard & Machinery Works or to Imabari Shipbuilding.



With shipyards of two companies at its disposal, the JV will be able to secure collective shipbuilding capacity of more than eight LNG carriers per year. This will enable the JV to take orders for multiple LNG carriers, putting it in a position to vie against Korean and other large shipbuilders. Regarding LNG carrier types, besides the conventional Moss type with spherical LNG tanks and the membrane type, the JV can also offer the "Sayaendo," a new-generation LNG carrier* developed by MHI as a high value-added vessel evolved from Moss-type carriers but achieving enhancements in energy savings and operability.



MHI is a pioneer in Japan's LNG carrier industry, having engaged in their development and construction since the 1970's. To date the company has delivered 42 ships. Imabari Shipbuilding, Japan's largest shipbuilder in terms of both tonnage and sales revenue, is one of major shipbuilding dedicated companies in Japan that include LNG carriers in its portfolio.
 


In May 2012, MHI agreed with Imabari Shipbuilding to collaborate in container carrier technology, and in July to license manufacture and marketing rights of deck machinery. In October, the two companies jointly received an order for two highly energy-efficient, next-generation pure car and truck carriers from Nippon Yusen Kabushiki Kaisha (NYK Line). This relationship between MHI and Imabari Shipbuilding resulted in the latest collaboration agreement.



Owing to the suspended operation of nuclear power plants in Japan in the wake of the Great East Japan Earthquake, demand for LNG as a fuel for power generation has been expanding not only in Japan but globally. In addition, as a direct outgrowth of the "shale gas revolution" in the U.S., the share of North American LNG in the global market is expected to increase, resulting in a trend toward longer transport distances. With volume growing and transport distances lengthening, the number of LNG carriers required is expected to increase. As a result, in order for industry players to attract orders, their shipyards must be structurally prepared to accommodate construction of multiple carriers within in a short period.



Going forward, MHI and Imabari Shipbuilding will explore demand for LNG carriers widely as they look to gain an edge in this increasingly competitive market.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Romica Manufacturer Secures DNV GL Approval

U.K. winch maker Romica said it is to “redouble its exports drive” after its Romania-based manufacturing partner successfully acquired accreditation with DNV GL.

HII Names Leonard a Corporate Director

Capt. Joseph J. Leonard (U.S. Navy, Ret.) has joined Huntington Ingalls Industries (HII) as corporate director of customer affairs, large surface combatant program, the shipbuilder announced.

Energy

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

LNG

Two DNV GL Approvals for GTT Training Software

GTT Training, a GTT subsidiary dedicated to training liquefied natural gas (LNG) professionals and to the development of associated simulation tools, has obtained

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.

News

Boeing 767 Shipped by Barge

MTS Statum completes marine towage of barge carrying Boeing 767 from Shannon Airport   Marine service provider Marine and Towage Services Group Ltd. (MTS) has

New Ferry MV Woods Hole Delivered

The newly built ferry M/V Woods Hole has been delivered to serve Woods Hole, Martha’s Vineyard and Nantucket.   Built by Conrad Industries of Morgan City, La.

New Details Emerge on Loss of USS Indianapolis

A Naval History and Heritage Command (NHHC) historian has recently uncovered information that sheds new light on the loss of the World War II cruiser USS Indianapolis (CA 35).

 
 
Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1392 sec (7 req/sec)