Piraeus port welcomes Japanese container line merger

Piraeus port’s Cosco administration has welcomed the prospect of the merger of Japan's K Line, Mitsui OSK Lines (MOL) and NYK believing it bodes well for Greece’s largest port.

News ID: 70053

Date: 05 November 2016 - 13:15

According to MANA, The merger is seen as an example of industry measures to create scale in an effort to adapt to a world in which freight rates have been under pressure since 2007.
The pending joint venture, announced 31 October, will create a new giant in the container shipping industry that will control a fleet of 134 vessels with a capacity of 1,054m teu, and a value of $6.1bn.
It is also being noted that alliance member MOL is among the list of suitors for the 67% stake in Greece's second port, Thessaloniki.
The new shipping giant is expected to legally become a single entity from 1 July 2017 and start operating at the start of the new Japanese financial year, nine months later