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| Sunday, 26 January 2003 |
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Business |  |
| News Business Features Editorial
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NYK Line acquires major terminal operator Nippon Yusen Kaisha (NYK Line) of Tokyo has acquired Ceres Terminals Incorporated. Ceres Terminals, with annual revenue exceeding US$ 150 million, was founded in 1958 and currently provides stevedoring and terminal operating services to many parts of USA and Canada. It also has a joint venture with Logistic in Canada. Ceres Terminals also operates the Ceres Amsterdam Marine Terminals BV and is the developer of the new Paragon Container Terminal in Amsterdam. It handles in excess of 2.5 million TEUs at its various facilities and will provide NYK with a significant terminal operating base on the East and Gulf Coasts of North America. Ceres will also give NYK an important terminal opportunity at the Paragon Terminal in Europe. Ceres locations will complement NYK's existing facilities in Los Angeles and Oakland, California, Tokyo, Yokohama and Kobe, Japan, Kaohsiung, Taiwan. With this acquisition, NYK contemplates handling in excess of six million TEUs worldwide in 2003, which will propel the company into the ranks of the world's premier terminal operators. Subsequent to this acquisition, NYK has also indicated its desire to be involved in container terminal management in the Indian subcontinent. NYK is represented in Colombo by NYK Line Lanka Private Limited, a joint venture between NYK Line of Japan and the Hayleys Group. |
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