NYK MERGES DRY-BULK SHIPPING INTERESTS
Japan’s NYK shipping group announced that it will merge its handy-size bulker business and that of wholly owned subsidiary Toho Shipping Co., Ltd., effective Oct. 1.
The NYK group acquired full ownership of Toho Shipping at the end of December.
NYK said that the name of the combined company will be announced shortly.
The Japanese group expects to save 1 billion yen ($7.7 million) a year thanks to the consolidation.
“Operating about 120 handy-size bulkers and annually earning 55 billion yen ($420 Million), the new company will become one of the world’s biggest handy-size bulker operators,” NYK said.
NYK currently operates over 100 handy-size bulkers, carrying such cargoes as steel, ore, copper concentrates, salt, grain, fertilizer, log and lumber. Toho Shipping mainly carries log and lumber with its handy-size bulkers.
Handy-size bulkers are bulk carriers with a deadweight ot 20,000 to 40,000 tons.