Monday, July 14, 2014
Mitsui O.S.K. and China Shipping Development to launch Arctic service
Japan’s Mitsui O.S.K. Lines Ltd. and China Shipping Development Co. said they would start a regular service to carry Siberian natural gas across the Arctic Ocean to East Asia, indicating that Asia’s demand for LNG is reshaping global shipping routes.
The shipping lines gave new details on how liquefied natural gas will get from one of the remotest locales in the world—the $27 billion Yamal LNG facility being developed in western Siberia—to urban areas in China and Japan. The service is set to begin as soon as 2018.
China Shipping Development said its joint venture with Mitsui O.S.K. would spend $932 million on three LNG carriers equipped with icebreakers, to be built by Daewoo Shipbuilding of South Korea.
With the melting of Arctic ice, more ships have been braving the northern route between Europe and Asia, which is roughly 40 percent shorter than the typical path through the Suez Canal.
For more of The Wall Street Journal story: online.wsj.com
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