NYK ACQUIRES STAKE IN NORDIC WATER SUPPLY

NYK ACQUIRES STAKE IN NORDIC WATER SUPPLY    Japanese shipping group NYK and ALJ Sons Investments Ltd., an investment firm linked to Saudi Arabia’s ALJ Group, have acquired a stake of 34 percent in Nordic Water Supply ASA,.
   Nordic Water Supply ASA, established in 1991, specializes in the bulk ocean transport of water stored in bags that hold 10,000 tons to 30,000 tons of water and are towed by a tugboat.
   “It is said that the world will start to run dry of water in the 21st century and the southern part of U.S. and the U.K. will suffer from a more critical water shortage in addition to the Middle East,” a spokesman for NYK said.
   NYK said that studies to supply water at a low cost have been undertaken for years, including converting tankers to carry fresh water, but these have not been implemented due to the high cost.
   NYK will supply technical support to Nordic Water Supply as well as investment to establish a new mode of bag transportation as soon as possible.
   NYK “would like to contribute to ease the water shortage which is a common problem for all mankind,” the Japanese firm said.