Stolt-Nielsen Limited, through its subsidiary Stolt-Nielsen Gas Ltd., has today announced that it has entered into a share purchase agreement to sell 50% of Avenir LNG Limited (Avenir LNG) to Nippon Yusen Kabushiki Kaisha (NYK Line). Avenir LNG was founded in 2017 and has grown into a leading player in the liquefied natural gas (LNG) bunkering sector, operating a global fleet of LNG bunker vessels.
With this partnership, Stolt-Nielsen and NYK Line will expand their future small-scale LNG and LNG bunkering opportunities through the joint venture, supporting the global transition to LNG and bio-LNG for marine fuel and other industrial applications. Following a wave of dual-fuel LNG vessel orders in recent years, LNG is rapidly being adopted as a practical and scalable fuel that enables shipping to achieve emissions reductions. This new joint venture in Avenir LNG underscores the commitment of Stolt-Nielsen and NYK Line to sustainable energy solutions for the maritime industry.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, said: “By entering into this joint venture, we are developing our long-standing partnership with NYK Line and supporting Avenir LNG’s position in small-scale LNG supply and bunkering. NYK’s experience in shipping and logistics, together with potential market opportunities arising from the continued expansion of LNG-fueled vessels, is expected to add value to Avenir LNG, its customers, and our shareholders. This transaction also reflects Stolt-Nielsen’s commitment to supporting sustainable energy solutions across global shipping supply chains by facilitating safe and reliable access to LNG fuel. I would like to thank and congratulate the Stolt-Nielsen, Avenir LNG and NYK Line teams for their contributions to this important transaction.”
Hironobu Watanabe, Chief Executive of Energy Division at NYK Line, said: “NYK has long built a strong relationship with Stolt Nielsen in the chemical tanker business. With this foundation of trust and proven partnership, and we are very pleased to establish a new joint venture through Avenir LNG. As the maritime industry accelerates its efforts toward decarbonisation, LNG and bio-LNG fuel has become more essential and practical role in supporting a sustainable energy transition.”
Jonathan Quinn, Managing Director of Avenir LNG, said: “This joint venture brings together two highly respected shipping and logistics groups with complementary strengths and a shared long-term vision for LNG as a marine fuel. NYK Line’s global reach and operational expertise will enhance our ability to develop the business, accelerate the development of LNG bunkering solutions, and support our customers’ decarbonisation strategies as the market continues to mature.”
(Photo from Stolt Nielsen)