K-Line gets go ahead to open China subsidiary
K-LINE has become the third Japanese shipping company to get permission to set up a wholly-owned subsidiary in China.
Nippon Yusen Kaisha (NYK) and Mitsui OSK Lines (MOL) were given the nod earlier.
K-Line China, based in Shanghai, is capitalised at US$1 million.
Headed by Koichi Hayashi, the company is expected to begin operations in May.
It has been licensed to canvass cargo, issue bill of lading, receive freight and other charges in China and remit these revenues overseas.
K-Line, which began China operations in 1991, has set up representative offices in Shanghai, Dalian and Xiamen.
In addition, subsidiary K-Line Hong Kong has liaison offices in Tianjin, Qingdao, Nanjing, Hangzhou and Guangzhou.