NYK of Japan began business on October 1, 1885. NYK president Tadaaki Naito who addressed the company employees to mark the 130th anniversary of NYK’s founding said that NYK’s history comprises of three periods.
The first began in the year of founding, 1885 and ends with the devastation of World War II (WW II).
In the second period, we started from the scratch and achieved a miraculous recovery during Japan’s record economic growth.
The third period was marked by a loss of cost competitiveness due to yen appreciation from the Plaza Accord in 1985, followed by trade diversification and globalization amid ongoing structural reforms in the shipping industry.
In 1985 NYK celebrated its 100th anniversary and over these three decades, NYK Group expansion and globalization have moved together and have resulted in a revenue increase by a factor of 5.3, from 3.7 billion U.S. dollars to 20.0 billion dollars.
Some of the important moments that features the company’s growth are as follows:
- The fleet had more than doubled in number.
- The value of total assets rose by approximately six times.
- Consolidated subsidiaries and affiliates have grown from 36 in 1985 to more than 700 today.
- As a result, the composition of NYK Group employees has greatly diversified.
- Japanese, who used to be the majority, accounted for 24 percent of all NYK Group office workers.
- Multinationalization has resulted in national staff becoming the majority of the group.
- Non-Japanese investors were only 3 percent 30 years ago and now, nearly 40 percent
He went on to say, “But, the steady growth was a result of the repeated, diligent effort day and night with total devotion to the pursuit of creativity,” seeking to ensure a competitive advantage within the global shipping industry.
This can be expressed broadly in four points:
- After WW II, our tenacious efforts enabled the return to the shipping conference, allowing stable management of shipping services.
- Under the banner of safety, security, and reliability, we established close relationships with the huge Japanese manufacturing segment.
- Working within the constraints of limited capital, we made the most of our knowledge and determined spirit to be innovative in building new types of vessels.
- Using our strong relationships with Japanese shipyards, which have excellent technical capabilities, we conceived of and built highly competitive vessels.
Source: NYK Line