Pic: NYK Car Carrier (China)

NYK Cautions of Illegal Conducts in Chinese Subsidiary

By Aiswarya Lakshmi!!!

Nippon Yusen Kabushiki Kaisha (NYK) said that it has discovered that there is a possibility that former locally hired management personnel in NYK Car Carrier (China), its consolidated subsidiary located in Shanghai.

The China unit is engaged in finished car logistics business in China, had committed unlawful expenditure or embezzlement.
The Company established an investigation committee (the Committee ) to investigat the aforementioned matter on February 5, 2018 (with Tadaaki Naito President Representative Director and President Corporate Officer as the Chairman of the Committee; Yoshiyuki Yoshida Director, Chief Compliance Officer and Managing Corporate Officer), Yutaka Higurashi Corporate Officer) and Yuichi Sakata (Attorney at Abe & Sakata Legal Professional Corporation) as the members of the Committee).
"We deeply apologize for all the inconvenience caused to our shareholders, investors and all other stakeholders," said a company statement.
It is currently estimated that the overall influence of this matter to the final loss and profit of the Consolidated Financial Results of the Company will be approximately JPY 2 billion in loss.
Once the influence of this matter to the Consolidated Financial Results for Fiscal Year 2017 (including the Fiscal Highlights for the Nine Months Ended December 31, 2017 announced on January 31, 2018) and these over the past fiscal years have been identified he Company will promptly announce the details.
Furthermore, while the investigation is still ongoing, the Company is currently considering filing an application for extension of the filing deadline of the uarterly ecurities eport for the ine onths nded December 31, 2017, the original filing deadline of which is February 14, 2018. The Company will promptly announce if it determines to file such application.
© Anatoly Menzhiliy / Adpbe Stock

US Targets 28 Vessels in New North Korea Sanctions

The United States targeted North Korea in a new wave of sanctions on Friday directed at one person, 27 companies and 28 vessels, according to a statement on the U.S.

PCTC Emerald Ace. Photo: MOL

European Commission Exempts Mitsui O.S.K. Lines from Penalty

The DG Competition of European Commission (EC) announced that several companies including MOL breached European competition law with respect to car carrier services.   Mitsui O.S.

Photo: CSAV GROUP

European Commission Fines Four Car Carriers $486.5mln

The European Commission (EC) said Wednesday that it had fined four maritime car carriers 395 million euros (U.S. $486.5 million).      Four shipping companies – CSAV, K Line

Photo: Nordic American Tankers

Nordic American Tankers Signs TC with Major Oil Firms

In the autumn of 2017, Nordic American Tankers (NAT) advised you of our time charter activities/contracts with oil companies such as Shell, BP, ExxonMobil and other major oil

Wallén, Scheja Join Ports of Stockholm

In the first half of 2018 two new members will augment the Ports of Stockholm Sales and Marketing force. Johan Wallén, former CEO of the container shipping company Team Lines

Photo: Intermarine

Intermarine Obtains Cyanide Code Certification

Project, breakbulk and heavylift cargo transporter Intermarine, LLC said it has been certified in full compliance with the International Cyanide Management Code (Cyanide Code) by