Thursday, 29 October 2009 13:29
Tokyo: NYK to cut down its box ship fleet from 120 vessels to 60. The decision was made as a result of the global economic crisis and reduced marketing potential. The local newspaper including Nikkei is said to report that the company aims to scrap 21 owned ships and non-renewal of chartered tonnage contracts.
The Japan based company was intensively hit by the global crisis with $280m pretax loss. Apart from this, NYK has also taken steps towards cost cutting with vessel lay ups and higher rates in routes in demand.
Source: Seatradeasia
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