NYK Pours $221m into LNG Venture with Mitsubishi

NYK, Japan's largest shipping company, has announced an investment of $221 million in Diamond Gas MidOcean (DGMO), a unit owned by Mitsubishi Corp. The move is aimed at expanding NYK's presence in the liquefied natural gas (LNG) sector.

The investment will see NYK subscribe to 211.9 million newly issued shares in DGMO, giving it an 87.4% stake in the company. Following this deal, DGMO will be operated as a joint venture between Mitsubishi and NYK.

NYK also plans to establish a strategic partnership with MidOcean Energy, an LNG platform backed by US private equity firm EIG. This partnership is expected to enhance NYK's capabilities in LNG shipping.