News
Japanese three largest carriers, Kawasaki Kisen Kaisha (''K'' Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK) have agreed, subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate their container shipping businesses including worldwide terminal operating businesses excluding Japan and sign a business integration contract and a shareholders agreement.
The new joint-venture, capitalized at 300 billion yen, of which 38% is owned by NYK, and ''K'' Line and MOL will contribute 31% each, is expected to create a synergy effect of approximately 110 billion yen annually by utilizing the best practices of the three companies.
By taking advantage of scale merit of its vessel fleet totaling 1.4 million TEUs, the new entity will be ranked 6th in the world's container shipping market with approximately 7% of global share.
