Consolidated Subsidiary News

Container line joint venture Ocean Network Express (ONE) dragged down NYK Line in the first half of 2018 ended September 30 with with Japanese shipping group in the red.NYK Line reported a loss of JPY 9.7 billion for the six months ended September 30, compared with a JPY6.2 billion profit a year earlier. The consolidated revenues amounted to JPY 915.6 billion, down from JPY 1,064.2 billion in the same period of the previous fiscal year.The new shipping line ONE, which was established with the aim of integrating the container shipping business with those of Kawasaki Kisen Kaisha, Ltd. and Mitsui O.S.K. Lines, Ltd. started offering service from April 1…

Nippon Yusen Kabushiki Kaisha (NYK) said that it has discovered that there is a possibility that former locally hired management personnel in NYK Car Carrier (China), its consolidated subsidiary located in Shanghai. The China unit is engaged in finished car logistics business in China, had committed unlawful expenditure or embezzlement. The Company established an investigation committee (the Committee ) to investigat the aforementioned matter on February 5, 2018 (with Tadaaki Naito President Representative Director and President Corporate Officer as the Chairman of the Committee; Yoshiyuki Yoshida Director, Chief Compliance Officer and Managing Corporate Officer)…

Mitsui O.S.K. Lines and its wholly-owned consolidated subsidiary MOL Information Systems, (MOLIS) to start multi-dimensional analysis of the causes for incidents and problems on its operated vessels, using IBM's statistical analysis software, "IBM SPSS Modeler". IBM SPSS Modeler is an advanced data analysis software that provides prospective analysis from mass volume of data and supports better decision making to solve business issues. The MOL Group has conventionally aggregated incidents and problems data reported by its operated vessels to "visualize" safe operation. And from now on, the group will develop more effective measures to prevent incidents and verify the effects by analyzing correlations and causal relationship of data from multiple sources (for example…

Mitsubishi Nichiyu Forklift announced that it will conduct the operational integration with its consolidated subsidiary UniCarriers Corporation and change its company name to "Mitsubishi Logisnext. Mitsubishi Nichiyu already announced its intention to perform the operational integration, on May 12, 2017, and, as of today, would like to announce that it will conclude the agreement between Mitsubishi Nichiyu and UniCarriers (Absorption-type Company Split Agreement) for which October 1, 2017 (planned) is set as the effective date, and will change its company name. Furthermore, the names of 10 domestic distribution subsidiaries of Mitsubishi Nichiyu will be changed onthis occasion.

Hamburg, 11 November 2016 – In the first nine months of 2016, the Rickmers Group generated consolidated revenues of € 373.6 million. This represents a decline of 15 percent versus the previous year’s period (€ 439.7 million). This fall is due mainly to the persistently strained market situation through the expiry of further high-margin charter contracts, temporary fleet idleness and follow-on charters at current low market rates. Furthermore, lower revenues from freight and a stronger fall in capacity utilisation in the project cargo area also had a negative impact. As a specific consequence of this revenue decline, the operating result before interest…

Japanese shipbuilder Mitsui Engineering and Shipbuilding (MES) has bought 99.36% of the outstanding ordinary shares in German designer and manufacturer of gas tanks and gas handling systems TGE Marine AG to expand its foothold within the market for medium sized multi-gas carriers. MES acquired 1,209,489 ordinary shares in TGE from Caledonia Investments plc, Gasfin Investment S.A. and Dr. Küver GbR, the partnership belonging to the CEO of TGE, for a total consideration of approximately around JPY 22 billion (EUR 164 million). The shipbuilder will acquire the TGE ordinary shares listed above via a special purpose vehicle which will be incorporated by MES for the sole purpose of acquiring these TGE ordinary shares.