NYK, Ocean Yield order four 200,000-cu m LNG carriers at HD Hyundai

Japan’s largest shipping group Nippon Yusen Kaisha (NYK) has struck a fresh LNG carrier deal, teaming up with Norwegian tonnage investor Ocean Yield to order a new series of ultra-large vessels in South Korea.

The partners have contracted four 200,000-cu m LNG carriers at HD Hyundai Heavy Industries, with delivery scheduled for 2028–29. The contracts include options for up to four additional ships, allowing the programme to double in size.

Under the structure, Ocean Yield will acquire roughly a 50% ownership stake in each of the four confirmed vessels, investing alongside NYK. The Oslo-listed lessor said the ships will enter long-term charters with an investment-grade energy major immediately upon delivery. Market sources indicate the employment is linked to US LNG producer Cheniere, although this has not been formally disclosed.

Ocean Yield estimates the transaction will add around $600m to its EBITDA backlog, with extension rights that could significantly lengthen the charter coverage and underpin further growth if the optional vessels are exercised.

Chief executive Andreas Røde said the project deepens Ocean Yield’s collaboration with NYK and reinforces its strategy of building exposure to long-duration, infrastructure-style LNG assets backed by strong counterparties.

The investment continues Ocean Yield’s rapid build-out in LNG shipping. The company entered the segment last year by taking a stake in France LNG Shipping, a joint venture with NYK that controls 12 LNG carriers, and has since lifted its holding to 45%. Earlier this year, the KKR-owned group also agreed to acquire CapeOmega Gas Transportation from Partners Group, adding indirect exposure to ten 174,000-cu m LNG carriers operated by Knutsen.

For NYK, the latest order underlines its long-term confidence in LNG shipping and its preference for partnering with financial investors to scale capital-intensive fleet growth.