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“K” LINE enters into long-term Charter with QatarEnergy

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) is pleased to announce the execution of four long-term Time Charter contracts through joint venture companies*¹ with QatarEnergy*².

The joint venture companies have concurrently executed Shipbuilding contracts for 174,000m3 LNG carriers with Hanwha Ocean Co., Ltd.

QatarEnergy is the world’s largest LNG producer and will allocate the newbuilding vessels to transport LNG around the world.

The newbuilding vessels will be equipped with X-DF2.2 iCER*³, VCR*⁴ and other energy saving devices which will contribute to reduction of GHG emissions and realize the ease of environmental impact by lower fuel consumption in operation.

Additionally, the new building vessels will obtain OCCS-Ready notation from classification society by conducting an evaluation for future installation of the OCCS*⁵, in anticipation of further GHG reduction.

Since the delivery of “Bishu Maru” in 1983 as the first Japanese LNG carrier, “K” LINE has been establishing expertise on LNG transportation and developing its worldwide network for over 40 years.

“K” LINE and QatarEnergy have had long-term relationship through several existing projects. The new four Time Charter contracts will further strengthen the business relationship.

In our Medium-Term Management Plan published in May 2022*⁶, “K” LINE has placed LNG business as one of the top priority areas in the future investment. “K” LINE will further expand long-term contracts and accommodate growing energy demands by responding to various customers’ needs.

*1. It is sponsored by “K” LINE together with Hyundai Glovis Co., Ltd.

*2. QatarEnergy is a state energy company of Qatar.

*3. X-DF2.2 iCER is a low speed dual-fuel engine with gas at low pressure and is equipped with exhaust gas recirculation system.

*4. VCR is technology to optimize the compression ratio of the main engine.

*5. OCCS is Onboard Carbon Capture and Storage.

*6. Medium-Term Management Plan (Released on May 9, 2022).