March 2, 2015
Kawasaki Kisen Kaisha, Ltd. ("K" Line) is pleased to announce that it has reached an agreement with Astomos Energy Corporation (Astomos) to enter into a Time Charter contract based on a new Kawasaki Heavy Industries, Ltd.-built 82,200m3 VLGC.
Astomos, one of the largest LPG players in the world and handling 10 million metric tons annually, is expecting to increase their volume to more than 12 million metric tons annually by 2017. They are also promoting expansion of their fleet with "K" Line entering their fleet for the first time by this agreement.
"K" Line now operates 4 VLGCs and this agreement will expand its fleet to 5 VLGCs. As a part of our newly-reformed medium-term management plan Value for our Next Century, "K" Line will continue to contribute to meet the expanding needs of LPG transportation utilizing the latest knowledge and technology established and with its more than 40 years of LPG transport experience.
<Astomos Energy Corporation>
Idemitsu Kosan and Mitsubishi Corporation merged their each LPG business to form Astomos Energy Corporation based on a common desire to "create a completely new and competitive energy company by consolidating all facets of LPG import, trading, domestic distribution and sales so that the company can leverage its larger scale and synergy." Also have contracts of sale to Asian players.
Primary Shareholder : Idemitsu Kosan Co., Ltd. 51%, Mitsubishi Corporation 49%
Capital : 10 billion yen
Sales : Approx. 883.8 billion yen (for FY2013)