NYK subsidiary signs renewable diesel shipping contract with Neste

NYK Bulkship (Asia) Pte. Ltd., an NYK Group company based in Singapore, has signed a contract of affreightment (COA) with Neste Shipping Oy, a wholly owned subsidiary of Neste Corp., for the ocean transportation of renewable diesel. In December, NYK Bulkship (Asia) made the first spot contract for the ocean transportation of renewable diesel, and delivery of the cargo was successfully completed in February. Neste’s renewable diesel is produced from globally sourced wastes and residues such as waste animal fat, residues from vegetable oil and used cooking oil. It is reported that the chemical properties of the product are similar to those of fossil diesel, and reduces greenhouse gas (GHG) emissions up to 90 percent compared to fossil diesel. NYK Bulkship (Asia), a medium-range product/chemical tanker operator, will be transporting the product from Singapore to North America for the COA. NYK Bulkship (Asia) is aiming to further contribute to ocean transportation of renewable products including sustainable aviation fuel (SAF) in accordance with the NYK Group’s ESG management strategy. To strongly promote ESG management, the NYK Group will encourage new value creation as a sustainable solution provider through a business strategy that includes contributing to the stable supply of renewable diesel.