NYK Invests in Jett8 Airlines Cargo
June 13, 2007
Nippon Yusen Kabushiki Kaisha (NYK; Head office: Chiyoda-ku, Tokyo; President: Koji Miyahara) has invested US$5 million in Jett8 Airlines Cargo (Chairman and CEO: Louis Tan), a new international cargo airline based in Singapore, following a heads of agreement reached in February 2007.
On 8 June 2007, Jett8 obtained an air-operator' certificate from the government of Singapore, and is planning to begin providing services among Asia, Europe, and the Middle East, at earliest, by the end of June.
Nippon Cargo Airlines (NCA; Headquarters: Tokyo; President: Tadamasa Ishida), a subsidiary of NYK and also a party to the heads of agreement, plans to expand its business into Indonesia, Europe, and the Middle East through a business alliance with Jett8. In this connection, Singapore is expected to function as the connecting point between NCA and Jett8.