NYK Group Company Invests in the VOSA Group of Companies
April 26, 2006
NYK Group South Asia Pte. Ltd., NYK's subsidiary in Singapore, recently acquired a 2.75 percent stake (320,000 shares) in the VOSA Group of Companies (VOSA) when this agency sold 38.55 percent of its shares at a recent initial public offering.
VOSA, Vietnam's one of the largest shipping agency, has a number of container freight stations* (CFS) and warehouses at major ports and cities in Vietnam. The company also handles forwarding, international multimodal transport, and cargo measuring and handling. Since 1995, VOSA has served as the NYK Group's general agent in Vietnam.
Through this investment, the NYK Group has gained a powerful partner in developing new business in Vietnam, new ventures that should mesh well with the group's international shipping operations, which include logistics services (such as customs clearance, distribution, and on-site logistics at factories), energy-related projects, and the training and employment of Vietnamese seafarers.
The NYK Group is making a great effort to expand business in Vietnam. In fact, the NYK Group 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.
Using this investment in VOSA, the NYK Group intends to better meet the needs of its customers by further expanding the scope of its business in Vietnam.
The term CFS at loading port means the location designated by carriers for the receiving of cargo to be loaded into containers by the carrier. At discharge or destination ports, the term CFS means the bonded location designated by carriers for devanning of containerized cargo.