NYK Investigating Embezzlement by Ex-Managers at Chinese Unit

TOKYO, Feb 14 (Reuters) - Japanese shipping company Nippon Yusen KK said it had set up an investigation committee after finding that former managers at a Chinese subsidiary may have committed embezzlement or made unlawful expenditures. Nippon Yusen said in a statement late on Tuesday it estimated a 2 billion yen ($18.6 million) charge related to the conduct at the … [Read more...]

Nippon Yusen to Test Remote-Controlled Vessel in Quest for Autonomous Ships

By Chris Cooper and Kiyotaka Matsuda (Bloomberg) -- Japan’s largest container line plans to test a remote-controlled vessel across the Pacific Ocean in 2019 as it pursues fully autonomous technology that could disrupt the global shipping industry. Nippon Yusen K.K. is considering using a large container ship for the test from Japan to North America and a crew will be on … [Read more...]

Australia Fines NYK $25 Million for ‘Criminal Cartel Conduct’

The Federal Court of Australia has convicted Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) of criminal cartel conduct and ordered it to pay a fine of $25 million relating to the transportation of motor vehicles to Australia between 2009 and 2012. The fine is the second-highest fine ever imposed by the Australian Competition & Consumer Commission (ACCC). … [Read more...]

Japan’s Top Shipping Lines Trim Loss Estimates

TOKYO, Jan 31 (Reuters) - Japan's top three shippers, Nippon Yusen KK (NYK), Mitsui OSK and Kawasaki Kisen Kaisha pared their full-year loss estimates on Tuesday as a downturn in the global container market stabilized and a weakening yen helped bolster earnings as they cut costs. NYK, the biggest of the three by sales, lowered its forecast for an operating loss for the year … [Read more...]

Japanese Shipping Companies to Merge Container Operations

By Chris Cooper and Kiyotaka Matsuda (Bloomberg) -- Nippon Yusen KK, Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd., Japan’s three largest shipping companies, agreed to merge their container operations into one company. Their shares surged. The joint company will be set up by July 1, according to a joint statement distributed in Tokyo Monday. Combining the … [Read more...]