Japan opts for one joint fleet
Published November 1, 2016
Japan's three major container lines - MOL, NYK Line and K Line - are to merge their container divisions. The boards of directors of all companies have published a statement about the move and pointed out that all terminals outside of Japan are also part of the agreement.
From 1 July 1 2017, the new joint company, whose name was not disclosed, will materialize with a split of shares that leaves NYK with a bigger slice of the cake (38%) than MOL and K Line (each 31%). Operational activities of the new company are planned to start from 1 April 2018.
The carriers estimate to concentrate a capacity of 1.4 million teu in all, thus becoming the world’s sixth largest container fleet on the current basis. The three companies have justified their merger with the persistent fall of container volumes and the oversupply of newbuildings.
Due to the service integration, the carriers expect to save an annual JPY 110 billion (some EUR 1 billion) when the planned synergies materialize.
