Ocean Network Express Completes Merger Approvals
South Africa’s competition watchdog becomes final signatory allowing Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL ), Nippon Yusen Kabushiki Kaisha (NYK ) merger, so that Joint venture (JV) can start operations on April 1. "K Line, MOL and NYK have announced that their new joint venture company, Ocean Network Express Pte. Ltd., established in July 2017, has received all necessary merger approvals from local competition authorities in regions and countries where such approvals are required for the launch of service by the newly established joint venture company…
Japan's Top 3 Shippers Sail to Profit in Q1
The healthy international trade and cost cutting measures augurs well for Japan's to three marine shippers - Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha - reported Nikkei. The report said that the three companies are expected to post a group pretax profit for April-June, the first time in seven quarters. According to the report, Mitsui O.S.K.'s pretax profit likely tripled on the year to around 2 billion yen ($17.7 million), while Nippon Yusen's is seen reaching about 5 billion yen after a year-earlier pretax loss of 9.9 billion yen.
Japan's Biggest Shipping Firm to Add More LNG Tankers
Nippon Yusen KK, Japan's biggest shipping company, has upwardly revised its plan to expand its fleet of liquefied natural gas (LNG) tankers, a major Japanese financial paper reported Wednesday. Nippon Yusen's initial business plan called for it to either own or have invested in the construction of about 60 such tankers by fiscal 2010. It has now raised that figure to roughly 80-100 tankers, the Nikkei Shimbun said. As the US and other countries are expected to dramatically increase their LNG import volumes, foreign tanker transport firms are scrambling to keep pace. By increasing its fleet, the firm aims to ship more of the fuel, according to the report.
NYK To Expand LNG Fleet
Nippon Yusen K.K., the largest Japanese shipping line, reportedly plans to order 20 new liquefied natural gas (LNG) tankers by 2010 and use five or six tankers for spot contracts, a change in strategy that may bring higher returns. The company will fund the purchase of 15 of the ships jointly with customers with whom it has long-term contracts, said Hitoshi Nagasawa, head of Nippon Yusen's LNG group. It may use new or existing ships for the spot market and will be the sole owner of those ships.
Shipping Firm To Offer Funeral Services
Japan's largest shipping company, Nippon Yusen KK, plans to offer a new funeral ash-scattering service in a bid to capitalize on demand fueled by the high cost of cemeteries in Japan. Although Japan's land prices fell for the 10th straight year in 2000, prices of graveyard plots have been soaring, particularly in big urban areas. As a result, many people want the ashes of their remains or those of their loved ones to be scattered in the ocean, particularly in the South Pacific, where many of Japan's elderly lost children or husbands during World War Two. And Nippon Yusen hopes to cash in on this growing demand through a business tie-up with Hasegawa, Japan's largest chain store operator of Buddhist altars, the business daily said.
Japanese Shipping Companies in Troubled Waters
Though the challenging market conditions in the container shipping industry continued to add pressure to Japan’s major shipping companies, turnaround seen as write-downs set to fizzle out, earnings forecasts upgraded, reports Nikkei. Nippon Yusen Kabushiki Kaisha (NYK Line) reported the largest net loss for the nine-month period which amounted to JPY 226 billion ($ 1.98 billion) in the first nine months of fiscal year 2016 ended December 31. Kawasaki Kisen Kaisha (K Line) concluded…
Japanese Shippers Trim Fleets
The three big Japanese marine transport firms - Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number of containerships and bulk carriers in their fleets by 10%, reports Nikkei. This is due to weak market conditions and in response to a persistently bleak business environment brought on by a supply glut. The trio operated 1,266 of the ships in all at the close of the fiscal year ended in March, but that number will fall by 122 ships. While Mitsui O.S.K.
Transas ECDIS Ordered for 54 Bulk Carries
Transas Marine Pacific (Singapore) together with its distributor Marix K. K. (Japan) has secured a contract to supply 54 Electronic Chart Display and Information System (ECDIS) to Nippon Yusen Kaisha (NYK Line). All systems are intended for the bulk carriers. Installations have already started and scheduled to be completed during 2009. All vessels will be equipped with the latest type-approved Transas Navi-Sailor 4000 ECDIS.
Joint Black Sea Service Suspend
The New World Alliance (TNWA) –Mitsui OSK Lines (MOL), APL, and Hyundai Merchant Marine (HMM) – and Grand Alliance (GA) – Hapag-Lloyd, MISC Berhad, Nippon Yusen Kaisha (NYK), and Orient Overseas Container Line (OOCL) –announced on Feb. 3 the suspension of their joint Black Sea service, the EBX (East-Mediterranean/Black Sea Express). The EBX has been operating since mid-June 2008 and deployed eight ships, each with a capacity of 5,000 TEU. The last westbound sailing of the EBX will depart Shanghai on February 12, 2009. (www.MOLpower.com)
Dry Bulk Ready for Rebound?
Anchor Ship Investment Co., ’s largest ship-fund manager, reportedly is in position to spend part of a planned $2.3b fund on its first dry-bulk vessels in anticipation of a rebound in Chinese iron-ore demand, according to a report on Bloomberg. The company plans to start raising money for the new fund in September, and currently owns 10 ships, including container vessels, very large crude carriers, a chemical tanker, a car carrier and a liquefied petroleum gas tanker, Tsuji said. The ships are leased to Japanese lines, including Nippon Yusen K.K. (Source: Bloomberg)
JFE’s Ship Unit Targets Orders for Five Vessels
JFE Holdings Inc.’s shipbuilding unit is reportedly aiming to win orders for as many as five iron ore carriers, according to a report on www.businessweek.com. Iron-ore carriers including Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd. are expanding dry-bulk fleets to tap demand for the steelmaking material. Exports of the ore from Australia, the world’s largest shipper, are forecast to rise at an average annual rate of 7 percent to 2015, the Australian Bureau of Agricultural and Resource Economics said March 2. (Source: www.businessweek.com)
Japan Ship Operator to Slash Bulk Ship Newbuild Orders
Daiichi Chuo K.K. may cancel ship orders, pare its fleet & sell new stock after getting emergency financing from shareholder Mitsui O.S.K. Lines Ltd. To help weather a slump in dry-bulk rates the company is in talks about canceling or delaying 10 of 60 on-order dry-bulk vessels as it heads toward a second straight annual loss, reports Bloomberg. The report adds that Nippon Yusen K.K. and Mitsui O.S.K., Japan's largest shipping lines, have also cut earnings forecasts as the industry contends with expanding capacity, slowing demand and higher fuel prices. Source: Bloomberg
Pirates Attack Japanese Ship, No Crew Injured
According to a September 12 report from Reuters, pirates boarded a Japanese auto transport ship and robbed its crew off Indonesia late on September 10, but no one was injured and the undamaged ship resumed its voyage, Japanese media quoted the transport ministry as saying. Pirates boarded the ship named Cheerleader, operated by Japan's Nippon Yusen KK, tied up members of the crew, stole money and fled. (Source: Reuters)
Nippon Yusen Enters Shuttle Tanker Biz
According to a Nov. 26 report from Reuters, Nippon Yusen KK (9101.T), Japan's biggest shipping company, said it would take a 50% stake in Norwegian tanker operator Knutsen Offshore Tankers by buying new shares, in a bid to enter the shuttle tanker business. (Source: Reuters)
China Fines Shippers $63 mln for Price Fixing
China has fined seven shipping companies, including Japan's Kawasaki Kisen Kaisha, a total of 407 million yuan ($62.85 million) for price-fixing, the country's state economic planner said in a statement on Monday. The National Development and Reform Commission (NDRC) said the companies colluded to raise rates on shipments of cars, trucks, and construction machinery across five shipping routes, including between China and Europe, for at least four years, violating the country's anti-monopoly laws. The other six companies fined were Japan's Mitsui OSK Lines and Eastern Car Liner Ltd., South Korea's Eukor Car Carriers, Norway's Wallenius Wilhelmsen Logistics AS, Chile's Compania Sud Americana de Vapores, and a separate shipping subsidiary within CSAV, the NDRC said.
Japan's Big 3 Shipping Lines Eyes Profits
Japan's top three shippers -Nippon Yusen KK (NYK), Mitsui OSK Lines and Kawasaki Kisen Kaisha - appear on course for net profit in fiscal 2017, buoyed by better market conditions and restructuring efforts, Reuters reported. The brighter outlook comes amid a gradual recovery in prices for shipping containers, which carry 90 percent of the world’s manufactured goods. Mitsui O.S.K. Lines likely will achieve a net profit of about 10 billion yen ($90 million) in the current year, up from an expectation of breaking even for the year ended in March, according to Nikkei.
Carriers Joining Forces in New Alliance?
Mitsui O.S.K. Tokyo, May 13, 2016 - Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda), Nippon Yusen Kaisha, “K” Line, Hanjin, Hapag-Lloyd and Yang Ming have agreed to create a new alliance covering all East-West trade lanes namely, Asia-Europe / Mediterranean, Asia-North America West Coast, Asia-North America East Coast, Transatlantic and Asia-Middle East / Persian Gulf / Red Sea. A binding agreement has been concluded by all partners and “THE Alliance” is scheduled to begin operation in April 2017 subject to approval of all relevant regulatory authorities.
Demand Fuels Boxship Freight Rates for Japan's Big Three
Japan's big three shippers on Monday reported profits for the first quarter, bouncing back from losses a year earlier and raising hopes the firms could be emerging from the industry's worst-ever downturn on record. Mitsui OSK Lines swung to a 1.1 billion yen ($10 million) operating profit in April-June from a loss of 3.6 billion yen a year earlier, as a strong U.S. economy lifted freight volumes on routes between Asia and North America to record levels in the last quarter. It now expects an 18 billion yen operating profit in the year through next March…
Pirates Attack Tanker Near Yemen
A major Japanese oil tanker was damaged Monday in a chase by heavily-armed pirates off the coasts of Somalia and Yemen but no one was injured, officials and crew members said. The area is plagued by insecurity and considered to be among the most dangerous waterways for shipping in the world. The 150,000-tonne tanker Takayama, with a crew of 23, sustained damage but was able to sail on its own power after the attack at about 4:40 am local time (0140 GMT), its owner and operator Nippon Yusen Kaisha (NYK Line) said here. The attack occurred in international waters some 440 kilometres (275 miles) east of the Yemeni , Japanese officials said.
G6 Alliance: Feeder Shuttle Between Germany and Gothenburg
The partners of the G6 Alliance will underline their commitment to the Scandinavian market and start a dedicated G6 feeder shuttle to Gothenburg. The service will provide coverage for the time of the temporary winter suspension of Loop 3. The rotation of the Gothenburg Express service (GTE) will be Bremerhaven, Hamburg, Gothenburg and Bremerhaven again with calls at both terminals CTA and CTB in Hamburg. First sailings of the GTE are scheduled for 18 November in Bremerhaven, 20 November in Hamburg and 22 November in Gothenburg (ETA). The G6 Alliance members are APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line.
Japan Orders $1.8B in LNG Tankers
According to a Bloomberg report, Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd., Japan's two largest shipping lines, will join Qatar in ordering $1.8 billion of liquefied natural gas (LNG) tankers to carry the fuel to North America. The ships will be built in as yet-unnamed South Korean yards. Kawasaki Kisen Kaisha Ltd., Japan's third-biggest shipping company, Iino Kaiun Kaisha Ltd. and trading house Mitsui & Co. are also among the investors, according to the report. The Japanese group is buying more LNG tankers as trade in the fuel increases and shipping lines prepare for a forecast decline in rates to transport containers to the U.S. and Europe. Power plants and other companies are switching to cleaner- burning LNG, or gas chilled to liquid, after oil prices surged.
Keppel secures contract for Qatargas LNG carriers
Keppel Shipyard Limited (Keppel Shipyard) has entered an Alliance Service Agreement for the drydocking of a fleet of Moss Rosenburg (MOSS) type of Liquefied Natural Gas (LNG) carriers chartered by Qatar Liquefied Gas Company Ltd (Qatargas). The five-year agreement was signed with MO LNG Transport Co., Ltd (MOL), Nippon Yusen Kaisha Ltd (NYK) and Kawasaki Kisen Kaisha Ltd (K-Line). The vessels under the fleet agreement are Al Zubarah, Al Khor, Al Rayyan, Al Wajbah, Broog, Zekreet, Al Wakrah, Doha, Al Bidda, and Al Jasra. Keppel Shipyard has been servicing this fleet of LNG carriers from Qatargas since 1999. The scope of work involves drydocking for survey, maintenance and repair.
India Approves Shipping Corp LNG Joint Venture
The Indian government on March 4 approved state-run Shipping Corporation of India Ltd.'s plan to take a 33.8 percent stake in a new Panama-based liquefied natural gas (LNG) transportation company. Shipping Corp. will invest $21 million in the firm, in which Japan's Mitsui OSK Lines Ltd., Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha Ltd. would be other partners. The new company would transport LNG for India's state-run Petronet LNG Ltd., which operates a 5-million-tonne LNG terminal in Dahej on India's west coast. The company would transport 2.5 million tonnes of LNG for an expanded facility at Dahej. Petronet LNG has a long-term contract with Qatar's Rasgas to buy 7.5 million tonnes of LNG for its terminal.