NYK to Invest in MidOcean Energy, Expanding LNG Value Chain Partnership

Nippon Yusen Kabushiki Kaisha (NYK) has agreed to invest in MidOcean Energy, strengthening its presence across the global LNG value chain through a new joint venture with Mitsubishi Corporation.

The investment will be made through Diamond Gas MidOcean Limited (DGMO), a Mitsubishi Corporation subsidiary, which will become a joint venture between NYK and Mitsubishi following the completion of the transaction.

Joint Venture to Strengthen LNG Business

NYK will subscribe to all shares issued through a third-party allotment by DGMO. Upon completion, expected in August or September 2026, DGMO will operate as a jointly owned company between NYK and Mitsubishi.

The investment provides NYK with indirect exposure to MidOcean Energy, an LNG company established and managed by EIG, a U.S.-based investor specialising in energy and infrastructure assets.

Strategic Partnership on LNG Shipping

Alongside the investment, NYK plans to establish a strategic partnership with MidOcean Energy focused on LNG marine transportation.

The collaboration will leverage NYK’s expertise in LNG shipping to support the expansion of MidOcean Energy’s LNG value chain, strengthening the company’s capabilities across LNG transportation and supply.

Expanding Across the LNG Value Chain

NYK said the transaction aligns with its long-term strategy of expanding its presence throughout the LNG industry.

The company has previously invested in:

• Wheatstone LNG Project
• Cameron LNG Project
• LNG-fuelled vessel operations
• LNG bunkering businesses

The latest investment further broadens NYK’s portfolio beyond shipping into upstream and midstream LNG activities.

LNG Fleet Continues to Grow

NYK has also been expanding its LNG carrier fleet to support growing global LNG demand.

In late 2025, the company announced plans to increase its LNG carrier fleet to 130 vessels by fiscal year 2028, identifying LNG transportation as one of its key medium- to long-term growth businesses.

According to NYK’s fleet data published in late 2024, its energy transport division operated:

• 78 owned LNG carriers
• 13 chartered LNG carriers

bringing its total LNG fleet to 91 vessels.

The company expects additional vessel deliveries over the coming years to provide stable earnings while supporting the continued growth of global LNG trade.