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.

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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

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Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.

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