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...]
NYK Fined $8.5 Million in South Africa Price-Fixing Scheme
South Africa's competition watchdog says it has reached a settlement with Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) for price fixing, market allocation and collusive tendering in the transportation of cars to and from South Africa. Under the settlement agreement, NYK admitted to to the collusive conduct and agreed to pay an administrative … [Read more...]
Japan to Diversify LNG-Powered Ship Portfolio
NYK has announced plans today to build a tugboat which can run on either liquefied natural gas (LNG) or heavy fuel oil. This is the first LNG powered vessel to be built in Japan not including LNG carriers. NYK notes that using LNG as a fuel will cut CO2 emissions by about 30%, NOX by about 80%, and SOX by 100% compared to using heavy oil. Like many LNG-as-a-fuel … [Read more...]
Nippon Yusen Soars as LPG Rates Rise Most on Record
Chris Cooper and Kiyotaka Matsuda May 20 (Bloomberg) -- Nippon Yusen K.K., the world’s largest publicly traded operator of liquefied petroleum gas ships, surged the most in more than four years in Tokyo after a record weekly advance in rates for carrying the cargo. Nippon Yusen rose 11 percent, the biggest gain since October 2008, to close at 295 yen as of the 3 … [Read more...]
Japanese Shipping Lines Cash in on Weak Yen
(Bloomberg) -- Japanese shipping lines, buffeted by a decline in freight rates, are set to get a more than $500 million boost to their earnings from a weaker yen. Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd., the nation’s three biggest carriers, may add a total of 51.6 billion yen ($527 million) to their pretax profit this fiscal year as a … [Read more...]