Preparations are progressing for the establishment of a new joint venture company for a cold storage business in Vietnam by Kawasaki Kisen Kaisha (K Line), Cool Japan Fund, and Japan Logistic Systems Corp.
It was previously mentioned by PTI that K-Line had entered into a charter agreement with Mitsui & Company and Imabari Shipbuilding Company.
It is now confirmed that the new joint venture company has received official approval for its establishment by Vietnamese authorities.
The new joint-venture company hopes to contribute to popularisation of Japanese food in Vietnam.
Bangkok Cold Storage, a member company of the K Line Group, has been engaged in the cold storage business in Bangkok, Thailand for 26 years since 1989.
The sophisticated marine and air transportation network of the K Line Group, as well as the knowledge of Japan Logistic Systems Corp., which has been doing business in Vietnam for more than 20 years, will also be utilised to provide incidental services such as delivery arrangements.
K Line has recently received its order for a 14,000 TEU ship, which was one of five ships ordered in 2013.
A number of shipping lines have ordered bigger ships, in a frenzy that could be contributing to oversupply in the industry and putting pressure on ports to upgrade their infrastructure.
