Japan Post Ship plans to invest over 8 billion US dollars in shipbuilding

At the turning point of the global shipping industry entering the zero carbon era, Japan Post Shipping (NYK) will increase its investment in new ships.

NYK CEO Takaya Soga stated at the TradeWinds Shipowners Forum in Tokyo that starting from 2030, the company's investment in new shipbuilding will far exceed the expected 1.2 trillion yen (approximately 8 billion US dollars) between 2023 and 2026, mainly for ordering alternative fuel vessels.

NYK recently launched the world's first commercial tugboat fueled by ammonia, becoming a pioneer in the landing of new energy ship technology. Although the research and development of this fuel powered vessel is still in its early stages, Takaya Soga is confident in its commercialization prospects after 2030. "Our investment in new energy vessels will be launched on a large scale from 2030 onwards
NYK has learned from the lessons of the past. During the peak of the market in the 2000s, NYK ordered a large number of high priced bulk carriers, but as the market changed, the company had to dispose of most of these ships. Takaya Soga admitted that the company will maintain a cautious attitude towards ordering new ships in the future, especially in the current context of sustained high ship prices. He believes that the rise in parts and other costs has driven the continuous increase in new ship prices, and the industry must also accept this reality. "Although ship prices are high, we have no choice but to face reality and prepare for the future

Although the global demand for oil transportation has not disappeared, NYK has taken steps to reduce carbon emissions in its tanker operations. Takaya Soga revealed that the company is working with some customers to explore the possibility of using LNG or other new fuels on oil tankers, marking NYK's forward-looking thinking in energy transition. "Some customers have already begun to accept the use of this new fuel

With the increasing global demand for new energy sources such as ammonia and hydrogen, the shipping industry will also usher in new business opportunities. Takaya Soga predicts that ammonia will become an important transportation commodity in future energy trade, not limited to fuel use.

Especially blue ammonia and green ammonia, they will play an important role in the global energy transition, "he added.

As one of the world's largest shipping companies, NYK has a diversified fleet of nearly 800 vessels and undertakes significant social responsibility. Takaya Soga pointed out that NYK not only needs to maintain stable economic development, but also needs to balance social and environmental responsibilities, which requires its fleet structure to have diversity to balance various operational risks.

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