Partners establish agency joint venture for Japan/Russia route

Japanese shipping companies Mitsui O.S. K. Lines (MOL) and Azuma Shipping have partnered with Russia's Far Eastern Shipping Co. (FESCO) to establish a joint venture agency to service the Japan/Russia route.

The new venture, Trans Russia Agency Japan Co. Ltd., will start operations on March 1, and was created after the consolidation of MOL's wholly owned agency Navix Transport Ltd. and United Orient Shipping & Agency Co. Ltd., which was owned by Azuma Shipping (35.5 percent), FESCO (25 percent), and MOL (14.5 percent).

FESCO has contributed half of the Yen100 million ($930,500) capital to start Trans Russia Agency, with MOL investing Yen30 million and Azuma the remaining Yen20 million. Masami Maeda, president of Navix Transport, will be the representative of the new company.

Navix Transport and United Orient Shipping, which have provided agency services since the launch of Japan/Russia liner service in 1958, will move into liquidation proceedings.

Source:American Shipper