Japanese Shippers Trim Fleets
The three big Japanese marine transport firms - Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number of containerships and bulk carriers in their fleets by 10%, reports Nikkei.
According to MANA, While Mitsui O.S.K. will cut its fleet down to 409 ships by the end of fiscal 2016, or 13% less than a year earlier, Kawasaki Kisen will shrink its fleet to 255 ships by the end of fiscal 2019, a 7% decline from the end of fiscal 2015. Nippon Yusen will cut its flotilla to 480 ships by the end of fiscal 2018, an 8% reduction from the end of fiscal 2015.
This is due to weak market conditions and in response to a persistently bleak business environment brought on by a supply glut