K Line Adds Gas Carrier, Inks Charter Deal with Gyxis

Japanese shipping company Kawasaki Kisen Kaisha, Ltd. (“K”Line) has sealed a deal for a new 82,200m3 Very Large Gas Carrier (VLGC) to be built and delivered by Kawasaki Heavy Industries, Ltd in November 2018.

The new VLGC will be chartered out to Gyxis Corporation (Gyxis) and it will be “K”Line’s second VLGC under time charter contract with the newly-established LPG importer.

Gyxis was established on April 1, 2015, through business integration of the LPG units of Cosmo Oil, Showa Shell Sekiyu, TonenGeneral Sekiyu, and Sumitomo Corporation and is focusing on expanding overseas sales as well as domestic sales. In order to meet this purpose, Gyxis is promoting expansion of its VLGC fleet.

The latest contract comes following two time charter contracts Gyxis secured with South Korean shipping company KSS Line Ltd. this September for two 84,000 cbm class LPG carriers.

“K” Line now operates four VLGCs and one VLGC being newly-built, and the latest agreement will expand its fleet to 6 VLGCs.

“As a part of our 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 technology combined with established knowledge and know-how from its more than 40 years of LPG transport experience,” said “K” Line in a statement.

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