Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

NYK and JAL engagement called off

NYK and JAL engagement called off

Tokyo: Leading Japanese shipping line Nippon Yusen Kaisha (NYK) today announced the summer 2009 proposed merger between its air cargo subsidiary Nippon Cargo Airlines (NCA) and the cargo division of bankrupt Japan Airlines (JAL) is now off. JAL, Asia's largest airline, announced its bankruptcy in January, crippled by US$16bn of debts. NCA, meanwhile, has been burning a hole in NYK's pockets for the past two years. A merger of the two air cargo divisions was seen last year as a way of saving costs, but JAL's debt plunge spiralled making the merger impossible. NYK said NCA would continue to uphold existing relationships such as code sharing with JAL. NYK last week announced the merger of two of its logistics units as it restructures to combat the downturn.  [02/03/10]

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish