On July 9, Japanese shipping giant Nippon Yusen (NYK) released that the company has reached an agreement with Japan’s ENEOS Group to take over most of the fleet of ENEOS Group’s shipping company, Eneos Ocean Corporation, and take an 80% stake in a new company, with the amount of the deal yet to be disclosed.
According to the agreement, the transaction mainly consists of Eneos Ocean’s liquefied petroleum gas (LPG) carriers, chemical/product tankers, as well as bulk carriers, and excludes Eneos Ocean’s crude tanker business.
The transaction is subject to approvals and licenses from the Japan Fair Trade Commission, as well as other relevant authorities in Japan and overseas, and is expected to be completed by April 1, 2025. At that time, Eneos Ocean will own the remaining nine Very Large Crude Carriers (VLCCs) and three Aframax tankers.
NYK said the new company will operate a total of 49 vessels, including 18 LPG carriers, 19 chemical/product tankers and 12 bulk carriers and it owns 16 companies, including an operating company and a ship management company based in Singapore.
Notably, the new company’s operating fleet includes vessels owned by overseas subsidiaries, which is a departure from Eneos Ocean’s official website, whose figures include only 15 LPG carriers, 15 chemical/product tankers, and 11 bulk carriers.
Established in 2014, Eneos Ocean Corporation is understood to be a shipping subsidiary of the Eneos Group (one of Japan’s largest oil companies), which is primarily engaged in the business of owning and operating vessels.