NYK sells shares in Nippon Airship Corp.

NYK sells shares in Nippon Airship Corp. NYK on Monday ended its interest in the airship business by selling its 58.8 percent stake in Nippon Airship Corp. (NAC) to Tochiki Steamship Co. for an undisclosed amount.
   The Japanese shipping company invested in the passenger/cargo dirigible operation in September 2003, but has decided to sell after Tochiki revealed its expansion plans.
   “NYK’s plan to restore profitability began to exceed initial estimates. Additionally, there were fewer opportunities than expected to fully utilize synergy between the airship business and other NYK businesses, such as cruise services. As a result, after reviewing future business strategies, NYK decided to sell its shares of NAC,” NYK said in a statement.