NYK and MOL in routes agreement

NIPPON Yusen Kaisha (NYK) and Mitsui OSK Line (MOL) have reached an agreement on the Far East-North America Atlantic Coast Service via Panama to begin operation in April.

Under the agreement, MOL will be allowed to charter slots from NYK on its new joint service with Hapag-Lloyd and Neptune Orient Lines which covers the Far East, North America and Europe.

However, the slots chartered by MOL will not be utilised for shipments between the Far East and North America Atlantic ports.

Following this agreement MOL eventually will withdraw the independent Far East-North America Atlantic coast service via Panama which it announced late last year.

The agreement reached by both companies on the slot charter arrangement was prompted by the fact that both carriers would like to maintain current transpacific trade stability which would be affected by over-tonnage if MOL went ahead with its independentFar East-North America Atlantic coast service.

NYK is Japan's leading shipping company, with a fleet of 389 vessels.