Japanese shipping company NYK has completed the acquisition of a 50% stake in Avenir LNG Limited from Stolt-Nielsen Gas Ltd., a wholly owned subsidiary of Stolt-Nielsen Limited (SNI), following receipt of the relevant regulatory clearances.

Prior to the transaction, SNI held 100% ownership of Avenir LNG. With the deal now finalised, NYK and SNI have established a joint ownership and operating structure for Avenir LNG — a leading supplier of LNG and bio-LNG as marine fuel.

NYK said in a statement: "The joint venture will pursue opportunities in LNG and bio-LNG bunkering, supporting the maritime industry's transition to lower-emission fuels."

As previously reported, SNI announced the agreement to sell a 50% stake in Avenir LNG to NYK on 16 March.

Founded in 2017, Avenir LNG operates a fleet of LNG bunker vessels and distributes LNG to the maritime and industrial sectors. Of the five vessels currently in operation, the 20,000-cbm Avenir Achievement, the 7,500-cbm Avenir Advantage and 7,500-cbm Avenir Accolade are chartered to Shell, Petronas LNG, and New Fortress Energy, respectively.

The 7,500-cbm Avenir Aspiration was chartered by LNG Shipping S.p.A., a wholly owned subsidiary of Eni, in a multi-year time charter commencing in 2025.

And the Avenir Ascension, also with a 7,500-cbm capacity, is chartered by Avenir's London-based physical LNG trading division, Avenir Supply and Trading.

Last month, Avenir Advantage completed its first LNG bunker delivery to Royal Caribbean Group's Icon of the Seas in Honduras.