The new joint venture Japanese shipping giant
Ocean Network Express Private limited will commence its operations from April
one as scheduled having received all necessary merger approvals from Local
competition authorities in regions and countries where it will be operating.
The latest clearance has come from the South African authorities.
The Joint Venture Company was formed by the
merger of Kawasaki Kisen Kaisha, Ltd ("K" Line), Mitsui O.S.K. Lines,
Ltd (MOL) and Nippon Yusen Kabushiki Kaisha (NYK)
The JV Company had completed the approval
process in all regions and countries except South Africa as of the end of June
2017. Following continued negotiations with the competition authority in that
country, the JV company has now obtained approval with conditions requiring
measures regarding competition law compliance.
The service commencement schedule for the
new company remains unchanged, with operations slated to begin on April 1,
2018, said a release from Joint Venture company.