Japanese container venture ONE has published its annual report and set figures on its expectations for the coming year. CEO Jeremy Nixon has also presented an action plan to streamline the organization.
Japan has now officially submitted a complaint to the WTO about South Korea's state subsidies to the latter's shipyards, and consultants from the World Trade Organization are now stepping in to help find a solution between the two countries.
Japan is now escalating its criticism of South Korea's state subsidies in the form of a complaint filed with the WTO, several Japanese media write. South Korean policy is also under extensive criticism from other entities including Maersk and the EU.
Japan wields its influence over other flag states to block any ambitious climate strategy from being adopted in the IMO, according to a new report from a critical NGO. The report further highlights the influence of majors Maersk and Vale over the commitment of their home countries.
Ocean Network Express, ONE, which will merge the container activities of Japan's three largest carrier groups from April 1 2018, expects savings of USD 440 million from the integration in the first year, according to Nikkei. The savings could grow to double this amount.
A rising number of carriers are now turning to Japanese leasing companies to finance new vessels, writes Lloyd's List. The leasing companies can offer 100-percent financing with lower interest rates than banks.
Japan's three biggest carriers, Mitsui OSK, Kawasaki Kiesen, and Nippon Yusen, have published interim reports for the first quarter. The results fall in line with the trend from the carriers' numbers for the full-year 2016.
The two Japanese shipbuilders Mitsubishi and Oshima have formed a new partnership aimed at utilizing synergies and ensuring sustainable growth in the struggling shipbuilding sector. Mitsubishi has already entered similar alliances with two other yards earlier this year.
The three major Japanese container carriers: MOL, NYK Line, and K-Line, which are poised for a merger, all have faith in advancements this year, as indicated in their annual reports published Friday morning.
Japanese shipbuilder Mitsubishi Heavy now follows in Hyundai Heavy Industries' footsteps as the group weighs spinning off shipbuilding operations and plans new partnerships to combat weak demand for vessels in ailing shipping sector.
The three major Japanese container carriers MOL, NYK Line, and K-Line finished the first nine months of the displaced fiscal year 2016/2017 with strained bottom lines in the still-challenging container market.
The three Japanese carriers Nippon Yusen KK, Mitsui O.S.K. Lines, and Kawasaki Kisen Kaisha's decision to merge their container businesses cuts the carriers' debt risks, but observers are waiting to see the real impacts of the maneuver.
The challenging market in several of NYK Line's segments now prompts the Japanese carrier to herald a deficit of USD 1.88 billion for the current quarter. This is primarily attributable to one-off impairments on the fleet value.
Japanese shipping group K Line is seemingly struggling to get out of the wave of rumors surrounding the carrier, including whispers of Maersk Line as a potential buyer for the group's container carrier.
Japanese shipbuilder Mitsubishi Heavy Industries will launch alliances talks with three of the country's other yards in an attempt to strengthen competitiveness in the global market. Overcapacity and zero orders are keeping the sector mired in crisis.