Japan’s three shipping companies are merging to save money and compete in a stricken industry ReutersJapan’s three shipping companies announced a £2.3 billion mega-merger today in the latest sign of the crisis besetting the international container industry. Nippon Yusen, Mitsui OSK Lines and Kawasaki Kisen Kaisha, known as K Line, will combine their container shipping units to create the sixth biggest shipping company in the world, with a combined value of ¥300 billion (£2.35 billion). The companies predict that the merger, which is subject to approval by regulators, will save £860 million a year in an industry stricken by overcapacity and sluggish growth across the world. Shares of Nippon Yusen, which will contribute 38 per…

Source: The Times October 31, 2016 12:07 UTC