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Wednesday, April 17, 2024

NYK to Make Mitsubishi Ore Transport its Wholly-Owned Subsidiary

Maritime Activity Reports, Inc.

March 27, 2023

(File photo: MOT)

(File photo: MOT)

NYK agreed to obtain all the shares of Mitsubishi Ore Transport Co., Ltd. (MOT) from Mitsubishi Corp. (MC), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine & Nichido), and Mitsubishi Heavy Industries, Ltd. (MHI), making MOT its wholly-owned subsidiary.

MOT is a joint company of NYK, which owns a 40.28% stake, MC, Tokio Marine & Nichido, and MHI, mainly operating vessel management and ship-owning businesses with 17 ships consisting of bulkers, pure car and truck carriers, and wood-chip carriers. Moreover, MOT has high-quality vessel management know-how and rich knowledge of the ship-owning business. Making MOT its wholly-owned subsidiary will strengthen the group-wide ship management system to address issues, such as introducing next-generation fuel vessels for decarbonization. Furthermore, NYK will pursue synergy in its dry bulk business and promote flexible, value-added business development.

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