NYK invests in Vietnam Ocean Shipping Agency

Staff -- Logistics Management, 4/27/2006

SINGAPORE—NYK Group South Asia Pte. Ltd, NYK’s subsidiary in Singapore, acquired a 2.75 percent stake (320,000 shares) in the Vietnam Ocean Shipping Agency (VOSA) when the Agency sold 38.6 percent of its shares at an initial public offering.

VOSA, Vietnam’s second-largest shipping agency, has a number of container freight stations and warehouses at major ports and cities in Vietnam. Since 1995, VOSA has served as the NYK Group’s general agent in Vietnam.

Through the investment, the NYK Group plans to develop new business in Vietnam, and new ventures in the group’s international shipping operations, said a company release.

NYK is currently the only Japanese shipping group that provides direct shipping services from Japan to both Cailan in northern Vietnam and Ho Chi Minh in southern Vietnam.