Mitsui O.S.K, Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha have announced a joint venture operating under the new name ‘Ocean Network Express’.
The joint venture sees the 3 companies combine their fleet of vessels as well as terminal operation businesses excluding those found in Japan.
This follows the pattern of consolidation through the shipping industry after a string of line fell into financial trouble.
The merger still requires permission from various government anti-trust boards. In its current form it was rejected in May by the US Federal Maratime Commission (FMC).
Pending approvals, the formal merge is due to begin in 2018.
Digital Service by Vixen Internet Solutions