MOL, NYK and K Line announced that the Japanese joint venture has received all necessary approvals for compliance with local competition laws, confirming that there is no impact on the three companies’ integration plans for the new container shipping business. The service commencement date for the new company is likewise unchanged from 1 April 2018.
Specifically, in previous statements, K Line, MOL, and NYK announced the expected establishment of a holding company and an operating company by July 1, 2017, for the integration of the three companies’ container shipping businesses, including terminal operation businesses outside Japan.
As of today, the new company to be established has received all necessary approvals for compliance with local competition laws in regions and countries where compliance is required for the new company’s establishment, and progress is being made towards completing the establishment of the new integrated container shipping business. Further details will be announced upon completion of all establishment procedures.
In the Republic of South Africa, the new company expects to complete the approval process for compliance with competition law before the service commencement date of April 1, 2018.
While Singapore and EU have approved the venture, South African Competition Commission and the US Federal Maritime Commission (FMC) have rejected it.
