NYK To Make Mitsubishi Ore Transport Its Wholly-owned Subsidiary
NYK agreed to obtain all the shares of Mitsubishi Ore Transport Co., Ltd. (MOT) from Mitsubishi Corp. (MC), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine & Nichido), and Mitsubishi Heavy Industries, Ltd. (MHI), making MOT its wholly-owned subsidiary.
MOT is a joint company of NYK, which owns a 40.28% stake, MC, Tokio Marine & Nichido, and MHI, mainly operating vessel management and ship-owning businesses with 17 ships consisting of bulkers, pure car and truck carriers, and wood-chip carriers. Moreover, MOT has high-quality vessel management know-how and rich knowledge of the ship-owning business. Making MOT its wholly-owned subsidiary will strengthen the group-wide ship management system to address issues, such as introducing next-generation fuel vessels for decarbonization. Furthermore, NYK will pursue synergy in its dry bulk business and promote flexible, value-added business development.
The NYK Group is promoting growth strategies with ESG at the core under its medium-term management plan, “Sail Green, Drive Transformations 2026 — A Passion for Planetary Wellbeing,” released on March 10. By promoting decarbonization in the bulk shipping business, we will secure an environmental advantage while fulfilling our responsibility as a transport infrastructure company. This agreement aligns with the strategies, making the Group’s business even more solid.
Reference: NYK Line