Japanese shipping company Nippon Yusen Kaisha (NYK Line) has completed the acquisition of a 50% stake in Avenir LNG Limited (Avenir LNG) from Stolt-Nielsen Gas Ltd., after receiving the relevant regulatory clearances, according to NYK.
Stolt-Nielsen Gas Ltd., a wholly owned subsidiary of Stolt-Nielsen Limited (SNI), previously held 100% ownership of Avenir LNG.
Completion of the transaction gives NYK and SNI joint ownership and an operating structure for Avenir LNG, an operator in the LNG bunkering sector with a large fleet of LNG bunker vessels.
The joint venture will pursue opportunities in LNG and bio-LNG bunkering as the maritime industry shifts towards lower-emission fuels.
Financial terms were not disclosed.
Nippon Yusen Kabushiki Kaisha (NYK) is headed by President Takaya Soga. Stolt-Nielsen Limited is headed by chief executive officer Udo Lange while Avenir LNG Limited is headed by managing director Jonathan Quinn.
