NYK Reefers Establishes Joint Venture with J. Lauritzen
January 11, 2005
Today, NYK Reefers Limited, a wholly owned subsidiary of NYK Lines and J. Lauritzen A/S have entered into a Memorandum of Understanding recording their intention that both companies will create a new joint venture on 50:50 basis.
NYK Reefers' present commercial operations (apart from technical ship ownership and ship management) will become part of the jointly owned company.
All ships, that are owned or time chartered by NYK Reefers, J. Lauritzen and independent ship owners, will be operated by the joint venture.
The parties will now enter into final contract negotiations, subject to regulatory clearances. It is anticipated that the negotiations can be finalized in the very near future.
This new joint venture will consolidate the strategic cooperation which the two companies launched in January 2004, when they agreed on a tonnage sharing arrangement and on NYK Reefers' subsequent acquisition of a 50% share of LauritzenCool Logistics AB.
The joint venture company will make it one of the leading players in the global market for reefer transports.
Mr. Hiroshi Yamafuji, who is CEO of NYK Reefers Limited, will be the chairman of the new company and Mr. Mats Jansson, who is president of LauritzenCool AB, will be the president of the new company.
For further information please contact
Mr Torben Janholt, President and CEO of J. Lauritzen,telephone + 45 33 96 8400, or
Mr Hiroshi Yamafuji, CEO of NYK Reefers Limited,
telephone +44 20 7925 8450.
NYK Reefers and LauritzenCool operate together a fleet of abt. 70 specialised reefer vessels ranging in size from 375,000 to 760,000 cubic feet and all with additional on-deck capacity for reefer containers.
LauritzenCool Logistics offers a fully integrated, one-stop-shop service for perishables, such as multi-modal, door-to-door distribution and logistics as well as multi-destination, port-to-port container transportation services. All of them worldwide.