...New JV will operate under “Ocean Network Express” tradename
TOKYO: A Joint statement has been released by Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha on initiatives taken for business integration along with the Trade Name and the Location of New Container Shipping Joint Venture.
A Notice of Establishment Schedule for Container Shipping Business Integration was released on 3rd July 2017 that states, “In previous press releases, Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha announced the expected establishment of a holding company and an operating company by July 1, 2017, for the integration of the three companies’ container shipping businesses, including terminal operation businesses outside Japan.
“As of today, 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.
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”.
Similarly, a Notice of Trade Name and Location of New Container Shipping Joint Venture was also released recently which states, “Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha have announced that their new joint venture (JV) will operate under the tradename “Ocean Network Express.” The establishment of this new JV, which will integrate the three companies’ container shipping businesses (including worldwide terminal operation businesses, excluding those in Japan), was previously announced in the “Notice of Agreement to the Integration of Container Shipping Businesses” released 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. 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). The move will allow Ocean Network Express to better meet customers’ needs by providing high-quality, 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 April 1, 2018”.