Integration of the Liner Shipping Businesses of the 3 Companies (Including Overseas Terminal Operations)
First written in FY2017-Q2. 7 of 16 entries say "Restated". Latest entry: FY2021-Q3.
No other company in this theme has enough history to compare yet.
- FY2021-Q3AchievedAnnual report
「During the third quarter of the current consolidated fiscal year, all shares of INTERNATIONAL TRANSPORTATION SERVICE, INC., a consolidated subsidiary operating a container terminal on the U.S. West Coast, were transferred and the company was excluded from the scope of consolidation. Business separation date: 22 December 2020 Gain on sale of shares of an affiliate: ¥19,955 million」
As part of a portfolio review accompanying the integration of the container shipping business, the Company completed the transfer of all shares of ITS, the U.S. West Coast terminal company, on 22 December 2020 and excluded it from the scope of consolidation. A gain on the sale of shares of an affiliate of ¥19,955 million was recognized. - FY2021-Q2RestatedAnnual report
「At a meeting of the Company's Board of Directors held on 5 August 2020, the Company decided, as part of the integration of the container shipping business, to transfer all shares of INTERNATIONAL TRANSPORTATION SERVICE, INC., a consolidated subsidiary operating container terminals on the U.S. West Coast, to MIP V BidCo, LLC, subject to approval by the relevant authorities. Gain or loss on transfer: a gain on the sale of shares of an affiliate of approximately ¥20 billion is expected to be recognized as extraordinary income for the fiscal year ending March 2021. Scheduled transfer: October 2020」
The decision to transfer all shares of the U.S. West Coast terminal company as part of the integration of the container shipping business, the expected gain on sale of approximately ¥20 billion and the scheduled transfer in October 2020 were reaffirmed. - FY2021-Q1AdvancedAnnual report
「At a meeting of the Company's Board of Directors held on 5 August 2020, the Company decided, as part of the integration of the container shipping business, to transfer all shares of INTERNATIONAL TRANSPORTATION SERVICE, INC., a consolidated subsidiary operating container terminals on the U.S. West Coast, to MIP V BidCo, LLC, subject to approval by the relevant authorities. Gain or loss on transfer: a gain on the sale of shares of an affiliate of approximately ¥20 billion is expected to be recognized as extraordinary income for the fiscal year ending March 2021. Scheduled transfer: October 2020」
As part of the integration of the container shipping business, the Company decided to transfer all shares of the consolidated subsidiary operating a terminal on the U.S. West Coast. Subject to approval by the relevant authorities, the scheduled transfer was October 2020 and the expected gain on sale was approximately ¥20 billion. - FY2020AdvancedAnnual report
「ONE, also an equity-method affiliate of the Company, substantially improved its performance and achieved profitability after conducting contract renewals under its own marketing policy for the first time as ONE.」
For ONE following the integration of the 3 companies, it was reported for the full year that it had conducted contract renewals under its own marketing policy for the first time, achieving improved performance and profitability. - FY2020-Q3RestatedAnnual report
「The performance of OCEAN NETWORK EXPRESS PTE. LTD., an equity-method affiliate of the company, improved profitability through measures including recovery in lifted volume and vessel utilization, improved long-term contract freight rates in North America, an improved cargo portfolio, and lower operating expenses through route restructuring and rationalization. As a result, revenue increased year on year and the company returned to profit.」
For ONE following the integration of the 3 companies, the recovery in lifted volume and load factors after the service disruptions and the return to profitability through improvements in freight rates, cargo mix and route operations were reaffirmed. - FY2020-Q2RestatedAnnual report
「The performance of OCEAN NETWORK EXPRESS PTE. LTD., an equity-method affiliate of the company, improved profitability through measures including recovery in lifted volume and vessel utilization, improved long-term contract freight rates in North America, an improved cargo portfolio, and lower operating expenses through route restructuring and rationalization. As a result, revenue increased year on year and the company returned to profit.」
For ONE following the integration of the container shipping businesses, the return to profitability through improvements in lifted volume and load factors, long-term contract rates, cargo mix and route operations was reaffirmed. A return to profitability was also reported in the previous quarter, so this is not a new milestone. - FY2020-Q1AdvancedAnnual report
「Although market freight rates on the Europe routes had fallen from the beginning of the period, the performance of ONE, an equity-method affiliate of the Company, increased revenue year on year and swung to a profit, driven by successful increases in long-term contract rates on the North America routes, firm cargo movements to the United States and efforts to improve profitability.」
Following the integration of the container shipping businesses, ONE moved toward higher revenue and a return to profitability, supported by higher long-term contract rates on the North America routes, cargo movements to the United States and measures to improve profitability. - FY2019-Q3AdvancedAnnual report
「In the first half, performance was significantly affected by declines in lifted volume and load factors resulting from service disruptions that occurred immediately after the start of operations. In the third quarter, the disruptions had largely subsided, and steady cargo movements continued, with particularly firm westbound North America freight rates. ONE continued efforts to improve profitability.」
The disruptions that occurred after the launch of OCEAN NETWORK EXPRESS services had largely subsided by the third quarter, allowing the focus to shift to stabilizing cargo movements and westbound North America freight rates and improving profitability. - FY2019-Q1AdvancedAnnual report
「Meanwhile, following the integration of the container shipping business, we are working diligently on the restructuring of the global network, organizational reforms and IT system investment.」
Following the launch of OCEAN NETWORK EXPRESS services, the Company proceeded with the restructuring of the post-integration global network, organizational reforms and IT system investment. - FY2018AchievedAnnual report
「The new company began providing liner container shipping services on 1 April 2018. Overview of the new company Capital contribution ratio: the Company 31%, Mitsui O.S.K. Lines 31%, Nippon Yusen Kabushiki Kaisha 38%」
The integrated company's services, provided by the 3 Japanese shipping companies, began on 1 April 2018, reaching the service launch milestone of the integration plan. On 2 April 2018, an additional investment was made in OCEAN NETWORK EXPRESS PTE. LTD. - FY2018-Q3RestatedAnnual report
「Based on the business integration agreement and shareholders' agreement signed on 31 October 2016 with Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha for the integration of the liner container shipping businesses, including overseas terminal operations, the Company established a new company. The new company's launch of liner container shipping services is scheduled for 1 April 2018.」
It was reaffirmed that the holding company and operating company had been established on 7 July 2017, that the 3 companies' capital contribution ratios were 31%, 31% and 38%, and that the scheduled service launch date was 1 April 2018. - FY2018-Q2RestatedAnnual report
「Based on the business integration agreement and shareholders' agreement signed on 31 October 2016 with Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha for the integration of the liner container shipping businesses, including overseas terminal operations, the Company established a new company. The new company's launch of liner container shipping services is scheduled for 1 April 2018.」
The establishment of the new company for the integration of the liner container shipping businesses of the 3 Japanese shipping companies and the scheduled service launch date of 1 April 2018 were reaffirmed. - FY2018-Q1AdvancedAnnual report
「Based on the business integration agreement and shareholders' agreement signed on 31 October 2016 with Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha for the integration of the liner container shipping businesses, including overseas terminal operations, the Company established a new company. The new company's launch of liner container shipping services is scheduled for 1 April 2018.」
A holding company and an operating company were established on 7 July 2017 to integrate the liner container shipping businesses of the 3 Japanese shipping companies. The capital contribution ratios are 31% for the Company, 31% for Mitsui O.S.K. Lines and 38% for Nippon Yusen Kabushiki Kaisha, and the scheduled service launch date is 1 April 2018. - FY2017RestatedAnnual report
「Capital contribution ratio: the Company 31%, Mitsui O.S.K. Lines 31%, Nippon Yusen Kabushiki Kaisha 38% Capital contribution: approximately ¥300 billion Fleet size: approximately 1.4 million TEU Joint venture establishment date: 1 July 2017 (scheduled) Service launch date: 1 April 2018 (scheduled)」
The capital contribution ratios, capital contribution, fleet size, establishment date and scheduled service launch date for the integration of the 3 companies were restated without change. - FY2017-Q3RestatedAnnual report
「Based on a resolution of the Company's Board of Directors meeting held on 31 October 2016, the Company entered into a business integration agreement and shareholders' agreement with Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha to establish a joint venture for the integration of the 3 companies' liner container shipping businesses, including overseas terminal operations, subject to approval and other procedures by the relevant authorities. Capital contribution ratio: the Company 31%, Mitsui O.S.K. Lines 31%, Nippon Yusen Kabushiki Kaisha 38% Capital contribution: approximately ¥300 billion, including contributions in kind of vessels and terminal shares Fleet size: approximately 1.4 million TEU Joint venture establishment date: 1 July 2017 (scheduled) Service launch date: 1 April 2018 (scheduled)」
The agreement terms for the integration of the 3 companies, capital contribution ratios, capital contribution, fleet size, establishment date and scheduled service launch date remain unchanged and have been restated as a plan subject to approval and other procedures by the relevant authorities. - FY2017-Q2First statedAnnual report
「Based on a resolution of the Company's Board of Directors meeting held on 31 October 2016, the Company entered into a business integration agreement and shareholders' agreement with Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha to establish a joint venture for the integration of the 3 companies' liner container shipping businesses, including overseas terminal operations, subject to approval and other procedures by the relevant authorities. Although liner container shipping is a growth industry, cargo demand growth has slowed in recent years while vessel capacity has increased with the delivery of new vessels, substantially worsening the supply and demand balance. As a result, weak market conditions have continued and it has become difficult to secure stable earnings. The 3 companies decided to integrate the business on an equal-footing basis to operate their liner container shipping businesses in a stable and sustainable manner. Capital contribution ratio: the Company 31%, Mitsui O.S.K. Lines 31%, Nippon Yusen Kabushiki Kaisha 38% Capital contribution: approximately ¥300 billion, including contributions in kind of vessels and terminal shares Fleet size: approximately 1.4 million TEU Joint venture establishment date: 1 July 2017 (scheduled) Service launch date: 1 April 2018 (scheduled)」
To address weak market conditions and worsening supply and demand in the liner container shipping business, the Company entered into an agreement to establish a joint venture and integrate the business with Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha. Subject to approval and other procedures by the relevant authorities, the plan specifies the capital contribution ratios, capital contribution of approximately ¥300 billion, fleet size of approximately 1.4 million TEU, establishment date and service launch date.