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NYK to slash box fleet in half

NYK to slash box fleet in half

Tokyo: Container giant NYK is looking to downsize its box ship fleet from its existing 120 vessels to about 60 in order to cope with reduced market demand and financial issues. According to reports in local newspapers such as Nikkei, the group intends to achieve this target through a combination of vessel scrappage of 21 owned ships and non-renewal of chartered tonnage contracts.
The Japanese company has been severely impacted by the financial crisis, declaring a $280m pretax loss at its interims - an amount expected to rise to $370m for the full year. NYK has implemented a number of cost saving mechanisms including vessel lay ups and rate increases on lucrative routes.  [28/10/09]

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