NYK sold 50% of the shares of its subsidiary NYK Cruises, to Japan-based, Anchor Ship Partners (ASP). According to the agreement, which was announced on January 24, there will be a joint operation of the cruise business.
Due to the agreement, NYK aspires to achieve a gain on the transfer of shares of about $81.9 million in non-consolidated accounting and $72.8 million in consolidated accounting, for the fourth quarter of the fiscal year ending March 31, 2019.
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For the medium-term plans, NYK has concluded on three key strategies. These include:
- Enhancement of business portfolio;
- Securing stable-freight-rate business;
- Improving efficiency and creating new values.
The two companies did not reveal the price behind the deal, which is expected to be completed by the end of March 2019.
Commenting on the transaction, NYK said that it decided that it would be for the best to develop the cruise business with ASP, in order to improve Asuka Cruise brand and maintain a high-quality growth. This will be achieved by investing to the cruise business in the future.
