NYK LINE STARTS CHINA LOGISTICS VENTURE

NYK LINE STARTS CHINA LOGISTICS VENTURE

   NYK Line said it will establish a new logistics company, NYK Logistics (China) Co. Ltd., in Shanghai in June.

   NYK Line will invest $1 million share capital into the new venture, which was officially granted a business license by the China government March 15.

   NYK Logistics (China) will be able to handle cargo booking, container vanning and devanning, warehousing, signing and issuance of forwarders' cargo receipts and contracts with truckers.

   NYK's license came as a result of recent bilateral negotiations between China and Japan. The Chinese government agreed to provide the license to one Japanese carrier.

   NYK Line had already established NYK Line (China) Co. Ltd., which provides ocean transport for imports and exports, from its head office in Shanghai and branch offices in Qingdao and Shenzhen.