NYK and an affiliate of Thai Oil Public Co. Ltd. (Thai Oil) have agreed to terms on a long-term contract for the charter of the very large crude-oil carrier (VLCC) Tateyama (built: 2002; DWT: about 300,000 tonnes) to shuttle oil primarily from the Arabian Sea to Thailand.
The contract, which is for at least three years, will allow for the continued economic growth of Thailand through the long-term, stable transport of this energy resource.
Thai Oil operates one of the largest refinery in Thailand, and began its business relationship with NYK in February 2011 with the establishment of a joint venture that purchased the VLCC Tenyo (built: 2000; DWT; about 280,000 tonnes) from NYK and then chartered it to Thai Oil under a 10-year contract.
The Thai Oil Group decided on Tateyama after highly appraising NYK for its crew training and ship management. Thai Oil was particularly impressed by NYK’s crew management, which allows for career advancement through seafarer development at the NYK-TDG Maritime Academy in Manila and NYK’s crew training center in Singapore.
One of the strategies contained in NYK’s medium-term management plan “More Than Shipping 2013” is to remain focused on meeting the growing demand for transport to and from Asia, and NYK thus looks forward to working with Thai Oil and further expanding its transport of energy resources in the area.
NYK, December 11, 2012