Samudera Shipping buys stake in NYK LNG EW

Samudera Shipping Line is boosting its stake in the liquified natural gas shipping joint venture LNG East-West Shipping (LNG EW).

The Singapore-listed company said in a filing it had struck a deal to purchase close to 8.6m ordinary shares from Japan’s Nippon Yusen Kaisha (NYK) corresponding to about 25% stake in the LNG EW.

The deal, worth $14.8m, will lift Samudera’s shareholding in the JV to 50%, with the remaining stake controlled by NYK.

LNG EW was initially established as a joint venture between NYK, Samudera and Russia’s Sovcomflot to ship LNG from BP’s Tangguh plant in Indonesia.