January 26, 2024

Japanese Consortium to Develop Design Concepts
for Eco-Friendly VLCCs
Idemitsu Tanker Co.,Ltd.
IINO Kaiun Kaisha, Ltd. (IINO Lines)
Nippon Yusen Kabushiki Kaisha (NYK)
Nihon Shipyard Co., Ltd.
Idemitsu Tanker Co.,Ltd., IINO Kaiun Kaisha, Ltd. (IINO Lines), Nippon Yusen Kabushiki
Kaisha (NYK), and Nihon Shipyard Co., Ltd. are pleased to announce the establishment ofa consortium on January 26, 2024 to conduct joint research and development of designconcepts (particulars, machinery, and environmental equipment) for Malacca Max (*) type
Very Large Crude Oil Carriers (hereinafter, "VLCCs") with the aim of reducing greenhousegas emissions.
Background
Decarbonization has become a significant global issue, but a stable supply of crude oilremains essential to the energy needs of Japan, which relies on the Middle East for morethan 90% of the nation’s crude oil imports. VLCCs transporting crude oil are thus vital toJapan’s economy. To minimize greenhouse gas emissions generated during transportation,
shipping companies are considering switching from conventional fuels to next-generation
fuels and installing environmentally friendly equipment, such as Carbon Capture and Storage
Systems (CCS), among other measures.
To address these issues, Idemitsu Tanker Co.,Ltd. initiated the formation of this consortiumby the four companies to study optimal solutions beyond the boundaries of each company.
Initiatives
Aiming to reduce greenhouse gas emissions by 40% or more compared to previous levels,the consortium will combine expertise in the four companies’ respective fields to verify/selectthe effectiveness of next-generation fuels and environmentally friendly equipment, as well as
create design concepts, with a view to ultimately building and operating VLCCs.
* The largest vessel type capable of passing through the Strait of Malacca, a major shipping
route of crude oil between Japan and the Middle East.

Consortium Signing Ceremony
From left, Ryuichi Osonoe, Director of IINO Lines; Takashi Hirose, Director of Nihon ShipyardCo., Ltd.; Ichiro Matsuo, President of Idemitsu Tanker Co.,Ltd.; Hironobu Watanabe,Managing Executive Officer of NYK

Image of Next Generation Eco-Friendly VLCC

Overview of Consortium Members＜Idemitsu Tanker Co.,Ltd.＞
Address: Chiyoda-ku, Tokyo, Japan
Representative: President Ichiro Matsuo
Website: www.idemitsu.com/en/tanker/＜IINO Lines＞
Address: Chiyoda-ku, Tokyo, Japan
Representative: President Yusuke Otani
Website: https://www.iino.co.jp/kaiun/english/＜Nippon Yusen Kabushiki Kaisha (NYK)＞
Address: Chiyoda-ku, Tokyo, Japan
Representative: President Takaya Soga
Website：https://www.nyk.com/english/＜Nihon Shipyard Co., Ltd.＞
Address: Chiyoda-ku, Tokyo, Japan
Representative: President Yoshinori Maeta
Website: https://www.nsyc.co.jp/en/

Contact Information
Idemitsu Tanker Co.,Ltd.: Business Strategy Planning Sec., Planning & Operations Dept.
(Website: https://www.idemitsu.com/en/contact/flow/index.html)
IINO Lines: Oil Tanker Department(Website: https://www.iino.co.jp/kaiun/english/contact/form.php)
NYK Line: Corporate Communication Group, Media Relations Team
(E-MAIL: NYKJP.ML.MEDIA@nykgroup.com)
Nihon Shipyard Co., Ltd.: Sales and Marketing Division(Website: https://www.nsyc.co.jp/en/contact/)