Six days later than planned Japan’s big three lines have managed to get both a holding and an operating company established for their planned box shipping joint venture.
Nippon Yusen Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha are joining forces in container shipping, amid dramatic consolidation seen in the sector over the past 18 months.
The new company, called Ocean Network Express (ONE), is meant to start operations next April with a combined fleet of around 1.4m teu. The trio had planned to get the holding and operating companies fixed by July 1, but some bureaucratic issues meant they were only able to complete the registration today.
The holding company will be in Tokyo with the operating company in Singapore.