Reefer majors to create joint venture

J LAURITZEN and NYK Reefers have signed a Memorandum of Understanding signalling their intention to create a new 50/50 joint venture company. NYK Reefers’ present commercial operations (apart from technical ship ownership and ship management) will become part of the jointly owned company. Subject to regulatory clearances, the negotiations are expected to be finalised shortly. The two companies entered into a tonnage sharing arrangement in January last year followed by NYK Reefers’ acquisition of a 50% share of LauritzenCool Logistics . The joint venture company will make it one of the leading players in the global market for reefer transport.