“K” Line Signs Time Charter of VLGC

Kawasaki Kisen Kaisha, Ltd. (“K” Line) announced that it has reached an agreement with Gyxis Corporation (Gyxis) to enter into a Time Charterer contract of a new 82,200m3 VLGC to be built and delivered by Kawasaki Heavy Industries, Ltd in November 2018. Gyxis, established on April 1, 2015, 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. This new VLGC will be “K”　Line’s second VLGC under Time Charter contract with Gyxis.

 “K” Line now operates 4 VLGCs and 1 VLGC being newly-built, and this 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.

Gyxis Corporation 

 A newly-established company that started business from April 1, 2015, integrating import and wholesale LPG operations of four companies comprised of Cosmo Oil Co., Ltd, Showa Shell Sekiyu K.K., Sumitomo Corporation, and TonenGeneral Sekiyu, K.K. Capital: 11 billion yen - Shareholders: Cosmo Oil Co., Ltd (25%), Showa Shell Sekiyu K.K. (25%) & Ownership Sumitomo Corporation (25%), TonenGeneral Sekiyu K.K. (25%) - Sales Volume Domestic: Approx. 3 million tons, Overseas: Approx. 1 million tons.