On 7 July, K Line, MOL and NYK have set up a holding company for ONE in Tokyo, and an operating company in Singapore.
The combined container fleet of the Japanese trio is expect for formally commence operations from 1 April 2018.
“For the integration of their container shipping businesses, including worldwide terminal operation businesses outside Japan, Kawasaki Kisen Kaisha, Mitsui OSK Lines, and Nippon Yusen Kabushiki Kaisha have announced the establishment of the holding company and operating company,” the trio said in a joint statement.
The Japanese lines had received approvals for compliance with local competition laws in regions and countries where compliance is required, except in South Africa where the Competition Commission of South Africa has rejected ONE’s establishment.
However, the Japanese lines updated earlier this week that they are expecting to gain approval from the South African authority before 1 April 2018.
Analyst Alphaliner recently suggested that should the South African authority maintain its rejection of ONE, the Japanese lines could simply quit that market altogether as the market only accounted for 4% of their total globally deployed capacity.
At present, the three carriers are operating in the same alliance named THE Alliance, along with other members including Hapag-Lloyd, UASC and Yang Ming.