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NYK has concluded a 25-year contract with Van Phong Power Company Limited, a wholly owned subsidiary of Sumitomo Corporation for the transport of coal for the Van Phong coal-fired power project to be newly constructed in Vietnam.
Shipments will begin from 2023, and the volume is expected to be up to 3.4 million tons annually. The coal will be transported mainly from Australia and Indonesia for a new coal-fired power plant in the Van Phong Special Economic Zone in Vietnams Khanh Hoa province.
It has been reported that Vietnams future supply of electricity may not be adequate to meet the demands of the countrys rapid economic growth, so NYK expects these fuel transportation contracts will help ensure a stable energy supply.
In accordance with its new medium-term management plan Staying Ahead 2022 with Digitalization and Green announced last year, the NYK Group is meticulously controlling its exposure to market conditions by maintaining and expanding long-term contracts in the dry bulk division.
NYK will continue its effort to contribute to reliable energy supplies through safe transportation and the expansion of business that generates stable revenue and is resistant to volatile market conditions.