| Code: 133636 |

TINNews |

Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha have announced that their new joint venture (JV), which will integrate the three companies’ container shipping businesses, will operate under the tradename “Ocean Network Express.”

The establishment of this new JV was previously announced in the “Notice of Agreement to the Integration of Container Shipping Businesses” released on October 31, 2016. The agreement foresees integration of container shipping businesses, which include worldwide terminal operation businesses, but exclude those in Japan.

The aim of the move is to allow Ocean Network Express to better meet operators’ needs, by providing high-quality, competitive services through the consolidation and enhancement of the three companies’ global network and service structures.

Establishment of a holding company is currently planned in Japan, and an operating company is planned to be incorporated in Singapore. In addition, regional headquarters of the operating company will be set up in Singapore, Hong Kong, United Kingdom (London), United States (Richmond, VA), and Brazil (Sao Paulo).

MOL informed that 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 April 1, 2018.

 

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