Chubu Electric Power Co. Inc. has joined NYK and the Mitsubishi Corporation to become a shareholder of Trans Pacific Shipping 1 Ltd. (TPS1), which currently holds a time-charter contract with Chubu Electric Power for a new liquefied natural gas (LNG) carrier.

The shared ownership by the three parties will contribute to the expansion of Chubu Electric Power's shipping business and allow NYK to enhance its partnership and leverage each company's know-how and expertise in the LNG value chain which contributes to the long-term, stable transport of LNG for Chubu Electric Power. The ship is assigned to transport LNG from Australia to Japan for about 15 years to be started in 2017, and NYK will be responsible for ship management.

NYK will continue its efforts for stable, economical transport of LNG, which is increasing in demand throughout the world.