Japan’s big three shipping conglomerates have outlined plans to set aside one of the country’s most ferocious industrial rivalries amid brutal market conditions to establish a joint venture for their container-shipping businesses.
Nippon Yusen Kaisha, Mitsui OSK Lines and K Line said that, if approved by regulators, the joint venture would operate the world’s sixth biggest container fleet, with about 7 per cent of global capacity.
The deal is the latest in a series of mergers involving container-shipping lines, spurred by sluggish trade growth and overcapacity that have served to create some of the worst conditions in the sector’s 60-year history.
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