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Sunday, April 21 2019 @ 08:03 PM UTC

NYK shuts Panama units

Foreign Direct InvestmentThe JOURNAL of COMMERCE ONLINE - Nippon Yusen Kabushiki Kaisha (NYK Line), Japan’s largest shipping line in terms of group sales, has decided to dissolve four of its wholly owned vessel-owning subsidiaries in Panama. At a board meeting on Thursday, NYK decided to dissolve Rodman Maritima S.A., Elka Shipholding S.A., Rosa Shiphoding S.A., and Pearl Maritima and Navigation S.A. The decision was made because of an earlier decision to sell the vessels owned by the subsidiaries, the company stated. The company said it will begin procedures for liquidating the subsidiaries after getting approval at the subsidiaries’ respective extraordinary shareholder meetings to be held in a few days. The dissolution of the Panamanian subsidiaries will have only a minimal impact on NYK Line’s overall performance, it added.
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