NYK invests $221m in LNG push through Mitsubishi-backed DGMO

Japan's Nippon Yusen KK (NYK), the country's largest shipping company, is investing $221 million in Diamond Gas MidOcean (DGMO) to expand its presence in the liquefied natural gas sector.

NYK will subscribe to 211.9 million newly issued shares in DGMO through a third-party allotment, giving it an 87.4% stake in the company.

The investment is part of NYK's strategy to establish a strategic partnership with MidOcean Energy, an LNG platform backed by US energy-focused private equity firm EIG.