Hanjin Collapse Spurs Big Three Japanese Container Freight Carriers into New Joint Venture
Monday, October 31, 2016JAPAN – WORLDWIDE – In a move which not so long ago would have been unthinkable, Japan’s big three container shipping lines have set aside differences stretching back decades to address the problem of overcapacity in the freight market and join forces as one company from July 2017, subject of course to global regulatory approvals. The seismic shock and horror at the collapse of South Korean rival Hanjin recently has seemingly focused the collective minds of the senior executives at Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK) and pushed them to take drastic action.
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