The new joint venture between Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd. and Nippon Yusen Kabushiki Kaisha is to be called Ocean Network Express and will commence operations on April 1, 2018.
According to the three companies, a holding company is planned to be established in Japan while an operating company is planned to be incorporated in Singapore.
Regional headquarters of the operating company will also be set up in Singapore, Hong Kong, London, Richmond, VA, and Sao Paulo.
The three shipping lines announced on October 31, 2016 that they were setting up the JV, in which “K” Line and MOL would each hold 31% and NYK Line would hold the remaining 38%.
The combined company will have a fleet of approximately 250 vessels with a total capacity of 1.4 million TEUs, and will be the sixth-largest shipping line with a market share of about 7%.
The establishment of the new JV will officially be announced once all anti-trust reviews are completed, according to the three companies.