Japan's NYK pens LNGC charter deal with China's Sinopec

NYK Line, a leading Japanese shipping company, announced on December 7 the signing of a long-term charter contract with Sinopec, a Chinese state-owned energy company, for an LNG carrier (LNGC).

The contract will begin in 2024, and the vessel will be engaged in transporting LNG to China for up to 23 years. 

China has officially declared its intention to achieve carbon neutrality by 2060, requiring a significant reduction in greenhouse gas emissions. "China has declared carbon neutrality, reducing greenhouse gas emissions to virtually zero by 2060, and this agreement will support China's energy transition and carbon neutrality," NYK said.

This marks NYK's third long-term charter contract for an LNG carrier with a Chinese energy company.