Japanese shipping company Nippon Yusen Kaisha (NYK) and Mitsubishi Logistics Corporation (MLC) agreed to form a joint holding company to integrate NYK commercial port and terminal companies.
Specifically, the integration is related to the management of the four NYK Group terminal operators in Japan and the merger of UNI-X Corporation and Nippon Container Terminals.
“The objective is to consolidate efforts to improve quality and improve long-term service stability for the port and port transportation business of the company group,” the Nippona line said when announcing the change.
Nippon Yussen Kaisha is the majority shareholder of the joint holding company with a 51% stake, while MLC will have the remaining 49% of the new entity.
The agreement is subject to the administrative approval of the authorities involved and the necessary procedures.
Once, and if regulatory approvals are obtained, the duo plans to establish the holding company in November 2018, and merge UNI-X and NCT by January 2019.
Nippon Yussen Kaisha is part of the Mitsubishi keiretsu, a Japanese word that means set of businesses that are closely linked through common shareholders.