Yusen Logistics has bought a 20% share in the existing joint venture between its parent company NYK and China’s Anji Automotive Logistics for an undisclosed sum. Yusen bought the 20% share from NYK, which previously held 49% of the company. A spokesperson for the company said that the decision to buy into the joint venture strengthened Yusen's position in one of the world’s largest automobile markets and demonstrated its commitment to serve the automotive sector, one of six its serves globally.
The move has prompted the renaming of the joint venture as Shanghai NYK-Anji Logistics to reflect the additional services the company will now offer in inbound and aftermarket parts movement. The company was previously called NYKAnji Car Transportation and for the past decade has been providing finished vehicle logistics services in China for domestic carmakers including Shanghai Automotive Industry Corporation (SAIC), which owns Anji.
In a joint statement NYK and Yusen said that the new collaboration would expand the supply chain logistics services, particularly in the areas of automotive parts and finished vehicle logistics. Along with NYK’s maritime finished vehicle services, Anji offers transport and warehousing services for the Chinese automotive industry. To this Yusen Logistics will bring its expertise in ocean and air freight forwarding, along with contract logistics services.
“The three companies will combine their technology and expertise, and offer a high quality integrated automotive logistics service that covers overseas parts procurement, finished car transportation, and the transportation of aftermarket parts that fully meets the various needs of customers,” said the joint statement.
That service will include rail transport services between China and Europe, which Anji already provides through its network. NYK added that the collaboration with Yusen was “a concrete example of an integrated automotive logistics service” and fell in line with its medium-term management plan – Staying Ahead 2022 with Digitalization and Green – which aims to strengthen its logistics, car carrier and automotive logistics businesses.
The combined services stand to benefit from new trade links that China is building with Europe and other global markets under its One Belt, One Road initiative.
NYK previously held a controlling stake in Yusen Logistics of 60.6% but Yusen became a wholly-owned subsidiary of NYK in February this year when NYK completed its buyout of the outstanding share.
