Japanese Ocean Carrier Joint Venture Announces Operational Details
Kawasaki Kisen Kaisha, Ltd. (K Line), Mitsui O.S.K. Lines, Ltd. (MOL), and Nippon Yusen Kabushiki Kaisha (NYK) have announced that their new joint venture (JV) will operate under the tradename Ocean Network Express.
The establishment of this new joint venture, which will integrate the three companies’ container shipping businesses (including worldwide terminal operation businesses, excluding those in Japan), was previously announced on October 31, 2016.
Establishment of a holding company is currently planned in Japan, and an operating company is planned to be incorporated in Singapore. Regional headquarters of the operating company will be set up in Singapore, Hong Kong, London, Richmond, Virginia, and Sao Paulo.
The carriers say the move will allow them to better meet customers’ needs by providing competitive services through the consolidation and enhancement of the three companies’ global network and service structures.
Following the announcement on October 31, 2016, the three companies have been progressing towards their target of establishing the new JV. The establishment of new JV will officially be announced once all anti-trust reviews are completed. The service commencement date for Ocean Network Express is scheduled for April 1, 2018.
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