Nippon Gas Line Co., Ltd.

What Nippon Gas Line Co., Ltd. does

Nippon Gas Line Co., Ltd. (日本ガ スライン株式会社) is a Tokyo Stock Exchange-listed Japanese maritime shipping company (ticker 8135), founded in April 1962 and headquartered in Matsuyama, Ehime Prefecture, with a Tokyo branch in Ginza. The company specializes in liquefied petroleum gas (LPG) maritime transport and has built a 60-year operating track record as a dedicated LPG carrier, running both domestic coastal (内航) and international ocean-going (外航) services. Beyond LPG, Nippon Gas Line transports asphalt, chemical products, and general cargo — including palm kernel shell (PKS), wood chips, and steel materials imported from Southeast Asia — through its diversified fleet of Izumi Maru and Kinyo Maru coastal vessels, GREEN series bulk carriers, and ocean-going LPG carriers (NEW HORIZON, HEMISPHERE, NEW GRACE).

The company's core technology base is its purpose-built fleet and vessel design partnerships, most notably with Mitsubishi Shipbuilding at the Shimonoseki Shipyard. In August 2021, Nippon Gas Line delivered the Izumi Maru No.3, the first LPG carrier in Japan equipped with a microplastic recovery device, and in November 2023 it took delivery of EXCOOL, described as the world's first CCUS-dedicated liquefied CO2 transport demonstration vessel. In February 2025, jointly with Mitsubishi Shipbuilding, it received Approval in Principle from ClassNK for the basic design of a low-pressure liquefied CO2 coastal carrier (LCO2), positioning the company for domestic and cross-border CCS logistics.

Nippon Gas Line generates revenue primarily through long-term, contract-based freight services sold directly to enterprise energy and industrial customers in Japan and Southeast Asia, with pricing not publicly disclosed. Its go-to-market is sales-led and direct, organized by cargo line (LPG/asphalt, general cargo, planning) through the Tokyo branch. The most strategically significant new revenue stream in development is participation in Japan's CCS/CCUS maritime logistics — anchored by NEDO and JOGMEC demonstration contracts, a March 2024 joint venture with Kawasaki Kisen Kaisha for CO2 ship marketing, and an MOU with JAPEX for CCUS business structure. The company has also adopted 100% carbon-offset fuel oil from Idemitsu Kosan for its operating vessels and established an ESG Management Committee in April 2022 as an advisory body to the board.

Name

Nippon Gas Line Co., Ltd.

Legal name

Nippon Gas Line Co., Ltd. (日本ガスライン株式会社)

Website

https://ngl.co.jp

Company type

Public

Founded year

1962

Operating status

Operating

Headcount range

1–10 employees

Short description

Nippon Gas Line is a Tokyo Stock Exchange-listed Japanese maritime shipping company that has transported LPG by sea since 1962, operating both coastal and ocean-going routes from Japan to Southeast Asia, and is now pivoting into liquefied CO2 transport for Japan's CCS/CCUS value chain.

Ownership category

akta.pro rank

Product category

Maritime Shipping Services

NAICS

Pipeline Transportation of Refined Petroleum Products (486910), Pipeline Transportation of Refined Petroleum Products (48691)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Liquefied Gas Transport (LNG/LPG/Ammonia) (TLADALAC)

akta.pro secondary industries

LPG Carrier Operators (TLADABAG), Crude Oil & Petroleum Products Tanker Transport (TLADALAA), LPG & Ammonia Carrier Shipbuilding (IMAJAAAE)

Keywords

• LPG maritime transport
• Liquefied gas shipping
• CO2 maritime transport
• Coastal shipping services
• Marine energy logistics

Headquarters

HQ city

Matsuyama

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Others

Revenue model

1. LPG Maritime Transport: Core revenue stream from transporting liquefied petroleum gas (LPG) via dedicated coastal and ocean-going vessels, serving the domestic Japanese market and Southeast Asia.
2. General Cargo and Biofuel Transport: Transportation of PKS (palm kernel shell), wood chips, steel materials, and other general cargo for industrial clients, including biomass fuel imports from Southeast Asian countries.
3. Liquefied CO2 Transport (Demonstration): Participating in NEDO and JOGMEC demonstration projects for liquefied CO2 maritime transport as part of CCS/CCUS initiatives, which represents an emerging revenue stream in the decarbonization sector.
4. Asphalt and Chemical Transport: Transportation of asphalt and chemical products alongside LPG, diversifying the cargo portfolio beyond energy-only transport.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Nippon Gas Line Co., Ltd. is a Japanese maritime shipping company that transports liquefied petroleum gas (LPG), asphalt, chemicals, and general cargo via dedicated coastal (内航) and ocean-going (外航) vessels operating on Japanese domestic and Southeast Asian routes. The company has expanded into liquefied CO2 (LCO2) maritime transport demonstration projects under NEDO and JOGMEC as part of Japan's CCS/CCUS decarbonization agenda, including the world's first CCUS-dedicated LCO2 carrier 'EXCOOL'.

Product overview

Nippon Gas Line Co., Ltd. is a maritime shipping company founded in 1962, providing comprehensive energy transport services. The core offering is LPG maritime transport with both coastal (内航) and ocean-going (外航) operations. Beyond LPG, the company transports asphalt, chemical products, and general cargo including biomass fuels. The product portfolio includes specialized vessels such as the Izumi Maru series, Kinyo Maru series, and GREEN series bulk carriers for various cargo types. A strategic initiative is the LCO2 transportation demonstration business for CCS/CCUS technology, featuring the world's first CCUS-dedicated carrier えくすくぅる (EXCOOL). The company operates under three main business divisions: Safety/Environment, Coastal Shipping, and Ocean-going Shipping.

Differentiator

Problem solved

Functional benefit

Products and services

• LPG Maritime Transport (LPG海上輸送事業) Core maritime transportation of liquefied petroleum gas (LPG) using dedicated coastal (内航) and ocean-going (外航) vessels, serving domestic Japanese routes and Southeast Asian import/export lanes. Includes ocean-going LPG carriers (NEW GRACE on Singapore registry, NEW HORIZON, HEMISPHERE on Majuro registry with capacities of 3,000–5,800 m³) and coastal LPG carriers (Izumi Maru series, Kinyo Maru series, etc.) serving Japanese coastal ports.
• Asphalt Transport (アスファルト輸送) Maritime transportation of asphalt products using specialized chemical carriers, diversifying the cargo portfolio beyond LPG to serve industrial and construction-sector clients.
• Chemical Transport (ケミカル輸送)
• General Cargo Shipping (一般貨物船事業)
• Liquefied CO2 Transportation Demonstration (液化CO2輸送実証事業) Participation in NEDO-led and JOGMEC-supported demonstration projects for liquefied CO2 (LCO2) maritime transport as part of CCUS (Carbon Capture, Utilization and Storage) technology development. Includes design work for advanced CCS projects targeting offshore Sarawak storage and joint marketing via a joint venture with Kawasaki Kisen Kaisha for integrated coastal and ocean-going CO2 transport services.

Quantifiable outcome

• First in Japan to conduct continuous liquefied CO2 maritime transport demonstration (2024)
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Mitsubishi Shipbuilding Corporation (三菱造船株式会社)coreStrategic or Co-development Partner · 1 February 2025Joint development of low-pressure specification liquefied CO2 coastal transport vessel (LCO2 carrier). Nippon Gas Line and Mitsubishi Shipbuilding received Approval in Principle (AiP) from ClassNK for the basic design. The partnership aims to advance domestic CCS maritime transport infrastructure.
• JOGMEC (エネルギー・金属鉱物資源機構 / Japan Organization for Metals and Energy Security)coreStrategic or Co-development Partner · 11 September 2024Contract awarded by JOGMEC for design work related to advanced CCS projects. The project covers CO2 capture from multiple industrial sources in the Setouchi area for injection and storage offshore Sarawak, Malaysia.
• Kyushu LNG Fukushima (九州液化瓦斯福島基地株式会社)minorStrategic or Co-development Partner · 1 September 2024LPG transport demonstration test conducted at the Kyushu LNG Fukushima base in Matsuura City, Nagasaki Prefecture, using the CO2 demonstration vessel 'EXCOOL' to validate multi-product transport capabilities.
• NEDO (国立研究開発法人新エネルギー・産業技術総合開発機構)coreStrategic or Co-development Partner · 1 August 2024Participating in NEDO's CCUS R&D and demonstration project for liquefied CO2 maritime transport. The project includes demonstration trials at Tomakomai and Maizuru land bases, with Nippon Gas Line providing the CO2 transport vessel 'EXCOOL'.
• Kawasaki Kisen Kaisha, Ltd. (川崎汽船株式会社)coreStrategic or Co-development Partner · 1 March 2024Established a joint venture marketing company for liquefied CO2 maritime transport. The JV enables integrated proposals covering both coastal and ocean-going CO2 transport services, aiming to provide seamless and efficient maritime CO2 transport for CCS applications.
• Idemitsu Kosan Co., Ltd. (出光興産株式会社)minorStrategic or Co-development Partner · 1 March 2024Supply of 100% carbon offset A-fuel oil (A重油) for Nippon Gas Line's operating vessels. The carbon offset is achieved through carbon credits that offset CO2 emissions from fuel combustion, supporting the company's decarbonization efforts.
• JAPEX (石油資源開発株式会社)coreStrategic or Co-development Partner · 1 November 2023MOU signed for joint study on CCUS business structure. The partnership aims to realize future social implementation of CCS and CCUS through liquefied CO2 coastal vessel transport and port development.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Avance Gas Holding: Avance Gas operates a fleet of modern VLGCs delivering LPG worldwide on time-charter and voyage-charter contracts. Closely comparable business model and customer overlap with Nippon Gas Line's ocean-going LPG segment.
• BW LPG: BW LPG is the world's largest LPG carrier operator, running a fleet of Very Large Gas Carriers and serving the same LPG shipping market as Nippon Gas Line. Closest direct peer by cargo type (LPG), business model (time-charter and contract-based LPG maritime transport), and customer base (LPG distributors and utilities).
• Navigator Gas: Navigator Gas transports LPG and petrochemicals on semi-refrigerated vessels. Overlaps with Nippon Gas Line on LPG shipping and the chemical/asphalt transport product line.
• Stealthgas: StealthGas operates LPG and petrochemical carriers globally with a focus on smaller, flexible tonnage similar in size profile to Nippon Gas Line's coastal and mid-sized ocean-going fleet.
• Dorian LPG: Dorian LPG is a pure-play VLGC operator focused on LPG seaborne transportation, directly competing in the international LPG shipping market that Nippon Gas Line accesses via its ocean-going vessels (NEW GRACE, NEW HORIZON, HEMISPHERE).

Others

• Mitsubishi Shipbuilding: Mitsubishi Shipbuilding is Nippon Gas Line's co-development partner for the low-pressure LCO2 coastal carrier and builder of EXCOOL. As a supplier and technology partner it shapes the company's vessel economics and CCS roadmap rather than competing in transport services.

Broad incumbents

• Mitsui O.S.K. Lines (MOL): MOL is one of Japan's largest shipping groups with a substantial LNG/LPG and energy logistics portfolio, plus active CCS initiatives. Competes with Nippon Gas Line for Japanese CCS contracts and is a logical alternative supplier to LPG utility customers.
• Kawasaki Kisen Kaisha (K Line): K Line is a major Japanese shipping conglomerate with LNG/LPG and emerging CO2 maritime transport capabilities. It is also Nippon Gas Line's JV partner for CO2 ship marketing (March 2024) and a direct competitor for ocean-going CCS commercial contracts.
• Astomos Energy: Astomos Energy is Japan's largest LPG importer and a key buyer of seaborne LPG transportation. It is a counterpart and major potential customer rather than a direct transport competitor, but its captive logistics strategy influences Nippon Gas Line's contract pipeline.
• Nippon Yusen (NYK Line): NYK Line is a major diversified Japanese shipping company with energy transport and emerging decarbonization shipping initiatives, providing indirect competition in LPG logistics and CCS shipping capacity for Japanese utilities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/numis

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nippon Gas Line Co., Ltd.