NYK buys 60% stake in South American agency

NYK buys 60% stake in South American agency Japan’s NYK Group said today it has acquired a 60 percent share in Buenos Aires, Argentina-based general shipping agency Grupo Multimar.
   Grupo Multimar was established in 1995 and employs 100 staff providing agency services in Argentina, Uruguay and Paraguay, in addition to customs clearance, inland truck transport and warehousing services in those same countries.
   NYK has been expanding its container, reefer and bulk services for the South American East Coast, and in April moved the head office of its Latin America business from Tokyo to Sao Paulo in Brazil.
   The Japanese carrier said the acquisition will improve its customer service in the region, which it expects to see further increases in cargo movement from various industry sectors, such as automobile CKD (completely knocked-down), wine, food, grain and natural resources.