K Line, MOL, NYK Announce Container Business Merger
By Aiswarya Lakshmi
Sunday, July 2, 2017
Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK) announced the establishment of a holding company and an operating company, for the integration of the three companies' container shipping businesses, including terminal operation businesses outside Japan.
"The new company to be established has received all necessary approvals for compliance with local competition laws in regions and countries where compliance is required for the new company's establishment, and progress is being made towards completing the establishment of the new integrated container shipping business," said a press release from MOL.
Further details will be announced upon completion of all establishment procedures.
In the Republic of South Africa, the new company expects to complete the approval process for compliance with competition law before the service commencement date of April 1, 2018.
Overall, there is no impact on the three companies' integration plans for the new container shipping business, and the service commencement date for the new company is likewise unchanged from April 1, 2018.