Stolt-Nielsen Limited has agreed to sell a 50% stake in Avenir LNG Limited to Nippon Yusen Kabushiki Kaisha (NYK Line), creating a joint venture between the two shipping groups in the LNG bunkering sector.

The agreement, announced on 16 March, will see Stolt-Nielsen transfer half of its ownership in Avenir LNG through its subsidiary Stolt-Nielsen Gas Ltd. Completion of the transaction is expected in mid-2026, subject to customary approvals, including regulatory clearance.

Avenir LNG, founded in 2017, operates a global fleet of LNG bunker vessels and distributes LNG to the maritime and industrial sectors.

According to the companies, the partnership aims to support wider adoption of LNG and bio-LNG as marine fuels and energy sources in related industries. NYK Line and Stolt-Nielsen already cooperate in the chemical tanker sector.

Udo Lange, chief executive officer of Stolt-Nielsen Limited, stated: “By entering into this joint venture, we are developing our long-standing partnership with NYK Line and supporting Avenir LNG's position in small-scale LNG supply and bunkering. NYK's experience in shipping and logistics, together with potential market opportunities arising from the continued expansion of LNG-fuelled vessels, is expected to add value to Avenir LNG, its customers, and our shareholders.”

Hironobu Watanabe, chief executive of NYK Line’s energy division, commented: “NYK has long built a strong relationship with Stolt-Nielsen in the chemical tanker business. With this foundation of trust and proven partnership, we are very pleased to establish a new joint venture through Avenir LNG. As the maritime industry accelerates its efforts toward decarbonisation, LNG and bio-LNG fuel have become a more essential and practical part of supporting a sustainable energy transition.”

Jonathan Quinn, managing director of Avenir LNG, said the partnership would support further development of the business. “This joint venture brings together two highly respected shipping and logistics groups with complementary strengths and a shared long-term vision for LNG as a marine fuel. NYK Line's global reach and operational expertise will enhance our ability to develop the business, accelerate the development of LNG bunkering solutions, and support our customers' decarbonisation strategies as the market continues to mature,” he remarked.

Financial terms of the transaction were not disclosed.