Ocean Network Express joint venture announced
Nippon Yusen Kaisha (NYK), Mitsui O.S.K. Lines (MOL) and Kawasaki Kisen Kaisha (K Line) have announced that their new joint venture will operate under the name Ocean Network Express.

by | Jun 1, 2017

Japanese Container Shipping Businesses Announce Joint Venture – to be called Ocean Network Express

Nippon Yusen Kaisha (NYK), Mitsui O.S.K. Lines (MOL) and Kawasaki Kisen Kaisha (K Line) have announced that their new joint venture will operate under the name Ocean Network Express.  NYK, MOL and K Line will hold 38%, 31% and 31% stakes respectively in the new ¥300bn ($2.7bn) joint venture.  The joint venture integrates the three companies’ container shipping businesses — including worldwide terminal operation businesses, excluding those in Japan.

The organizations behind it will officially announce the establishment of the new joint venture once all anti-trust reviews are completed. Subsequently, the service commencement date for Ocean Network Express is April 1, 2018.  Altogether, the new entity controls a fleet of 1.4m TEU, or about 7% of the world’s total capacity, ranking it sixth among the global liner shipping operators. Furthermore, the organization plans to establish a holding company in Japan, with an operating company to be incorporated in Singapore.

In addition, the operating company will set up regional headquarters in Singapore, Hong Kong, the UK, US and Brazil.  “The move will allow Ocean Network Express to better meet customers’ needs by providing high-quality, competitive services through the consolidation and enhancement of the three companies’ global network and service structures,” NYK said in a statement.

For the most up-to-date information on global shipping and logistics news that may affect your business, visit our news page! Don’t know where to start? Click here to read about the latest on the Hanjin Bankruptcy and its effects on the global shipping landscape!

Interested in working with SGL? Request a quote now!

SOLAS Container Weight Verification Requirement – Update
Uncategorized

SOLAS Container Weight Verification Requirement – Update

This is a reminder that the SOLAS CONTAINER WEIGHT VERIFICATON REQUIREMENT will become legal effective on July 1, 2016. We...
Read More
SOLAS Update
Uncategorized

SOLAS Update

Please be advised that the SOLAS CONTAINER WEIGHT VERIFICATON REQUIREMENT will become legal effective on July 1, 2016. We urge...
Read More
Sumisho Global Logistics Japan Launches English Version of their new website
Uncategorized

Sumisho Global Logistics Japan Launches English Version of their new website

Sumisho Global Logistics Japan is proud to announce the launch of the English version of their new website.  Please click...
Read More
Update on SOLAS & Calculating the VGM
Uncategorized

Update on SOLAS & Calculating the VGM

As you may be aware, the International Maritime Organization (the "IMO") has amended the Safety of Life at Sea Convention...
Read More
1 4 5 6 7