NYK to Make Gazocean a Wholly Owned Subsidiary

Strengthens LNG Carrier Management in France

Oct. 23, 2020

NYK is pleased to announce that it has signed a Sales and Purchase Agreement with Total, a leading oil and energy company headquartered in France, acquiring all the French company's shares in the ship management company, Gazocean on October 22.

Based in Marseille, France, and responsible for the management of six LNG carriers, Gazocean is now a wholly owned subsidiary of NYK.

The move will strengthen NYK's ship-management system and expand the company's LNG transportation business in France. Before the purchase, NYK held 20% of Gazocean shares and Total held 80%.

The acquisition has been reviewed by Gazocean's employee representatives as part of the regulatory information and consultation procedure. It also has the approval of the competent authorities.

In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK Group is seeking to secure stable freight rates through long-term contracts, and the company will continue to encourage creative solutions in its effort to contribute to stable energy transport services.

NYK Group, press release