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Japan’s three largest shippers, Nippon Yusen KK (NYK), Mitsui O.S.K. Lines Ltd. (MOL) and Kawasaki Kisen Kaisha Ltd. (K-Line) agreed to spin off their container operations and merge them to create the world’s sixth-largest box carrier. NYK will hold a 38% stake in the joint venture while MOL and K-Line will each have a 31% stake. The combined entity will be formed by July 2017 with plans to start operating by April 2018. The combined company will have 256 vessels.
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