Mitsui invests billions in LNG vessels

Japanese Mitsui & Co. has signed a billion-dollar contract to long-term charter five new LNG vessels, says the carrier. The aim is to have eight vessels transporting LNG from the US to Japan.

Photo: Gazprom

The Japanese trading house Mitsui & Co. is betting big on LNG transports (Liquefied Natural Gas) and has signed a contract to long-term charter five new LNG vessels at a maximum price of USD 3.7 billion, says the carrier. The contract has a max duration of 25 years, starting in 2017-2018.

The five vessels will transport LNG from the Cameron LNG Export Project in the US to Japan, which has - since the major accident at the Fukushima nuclear power plant and the subsequent closure of all the country's nuclear power plants - become exceedingly interested in gas.

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