Two Group Firms to Merge

September 24, 2003

Two NYK group companies - Yusen Agency Ltd. and Tosen Agencies Company, Ltd. - decided at their board meetings in August to merge their operations as from October 1.

1. Purpose of Merger

The scheduled merger is intended to further reinforce the foundation of management through unifying port-related agency and business support operations within the NYK Group and to enhance management efficiency through enlarging economies of scale with a view to further improving the group's service to customers. Specifically, the merger will aim to achieve the following primary objectives:

(1) Strengthening cost competitiveness: The sharing of knowhow through the unification of business operations and human resources of the two companies will have the synergistic effect of enhancing management efficiency and further reinforcing cost competitiveness, which in turn can be expected to strengthen management and contribute to improving both corporate value and shareholders' worth.
(2) Improving service to customers: The establishment of a highly cost-competitive business management system through the merger will make it possible to provide customers with reliable service of higher quality.

The new unified company, to be named United Maritime Co., Ltd., will serve as the core of the NYK Group's shipping agency business in the Keihin (Tokyo-Yokohama) and Hanshin (Osaka-Kobe) regions. The word "United" in the name is intended to symbolize the "combined strength of close solidarity."

2. Process of Merger

Yusen Agency Ltd. will be dissolved. Its operations in the Keihin and Hanshin regions will be transferred to Tosen Agencies Company, Ltd., which will be renamed United Maritime Co., Ltd. on October 1.

Yusen Agency Ltd.'s operations in the Kyushu region (Moji-Hakata) will be transferred to GENEQ Corporation on October 1.

3. Outline of the New Company

(1) Date of merger	:	October 1, 2003
(2) Company name	:	United Maritime Co., Ltd. (Tosen Agencies Company, Ltd. will assume the new name simultaneously with the merger.)
(3) Capital	:	Yen 40 million
(4) Location of head office	:	16-4, Shinkawa 1-chome, Chuo-ku, Tokyo
(5) Locations of branch offices	:	Yokohama, Nagoya, Hanshin
(6) Number of employees	:	100
(7) Representative	:	President Yoichi Nakano

4. Characteristics of the two companies to be merged (as of March 31, 2003)

(1) Yusen Agency Ltd.

Main lines of business	:	Shipping agency, shipping brokerage and shipping-related in-port business
Established	:	October 1987
Location of head office	:	Grace Bldg., Sengakujimae, 15-8, Takanawa 2-chome, Minato-ku, Tokyo
Location of branch offices	:	Yokohama, Hanshin, Kyushu (Moji-Hakata)
Representative	:	President Yoichi Nakano
Capital	:	Yen l0 million
Date of account settlement	:	March 31
Shareholder	:	Nippon Yusen Kaisha 100%

(2) Tosen Agencies Company, Ltd.

Main lines of business	:	Shipping agency, supply of personnel on loan
Established	:	July 1969
Location of head office	:	Nihombashi Grace Bldg., 12-9, Nihombashi 2-chome, Chuo-ku, Tokyo
Location of branch offices	:	Yokohama, Nagoya, Hanshin
Representative	:	President Toru Hasebe
Capital	:	Yen 40 million
Date of account settlement	:	March 31
Shareholder	:	Tokyo Senpaku Kaisha, Ltd. 100%

The news on this website is as of the date announced and may change without notice.