TOYKO Senpaku Kaisha, Ltd (TSK), wholly-owned subsidiary of Japan's NKY, has agreed to transfer its intra-Asia business to NYK with conclusion of the transaction to take effect six months from signing.

The acquisition of TSK follows on from the Japanese carrier's formation of a Singapore-based South Asia division in June this year under the banner of NYK Group South Asia Pte Ltd.

"By incorporating TSK's Asia container business into NYK as soon as possible, we would like to achieve more efficient management of our container business sooner and bring about a greater synergy among other sections including logistics and harbour," said NYK.

Services previously provided by TSK and operated by NKY will have a seamless transition on a day-to-day service until further notice, added the statement

Source: shipping online