TOKYO, Oct 31 (APP/AFP) – Shares in three Japanese shipping firms soared Monday on news that they are merging container businesses with combined annual revenues of about $19 billion to counter an industry downturn. Kawasaki Kisen, Mitsui O.S.K. Lines and Nippon Yusen said they have agreed to set up a joint venture with the combined operations to start in April 2018. Mitsui O.S.K ended up 5.62 percent in Tokyo, having rocketed more than 15 percent in morning trade. Nippon Yusen closed 6.43 percent higher while Kawasaki Kisen cast off most of its earlier gains to end 0.38 percent higher.
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Japan shippers merge container units as downturn bites
