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, “The success of NYK largely rests on business plans.”
NYK successfully weathered the rough seas of past market slumps caused by the oil shock, strong yen, and the large gap between supply and demand. But, when the globalization of the world economy has hugely affected the shipping industry, and these advantages have nearly disappeared.
- Shipping conferences for the stability of shipping services are no more in vogue.
- Seaborne trade dominated by Japanese companies is now led by developing countries mainly in Asia requiring the creation of a new customer base.
- Financial liberalization in the shipping industry made redundant a specialized knowledge or expertise to build ships.
- The Korean and Chinese shipyards have made vessels as a commodity.
In spite of the above, NYK grew and expanded because of the following strategies:
- The survival and growth of NYK were based on Creative Solutions. NYK group was not pessimistic and was continually sensitive to the winds of change.
- Currently, under “More Than Shipping 2018,” plan we are pursuing new differentiation through advancements, which we expect will give rise to our next competitive advantage.
- NYK group had Pioneering Spirit and all NYK Group employees would think of establishment of a new competitive advantage by thinking seriously about what is to be done from the view of their respective positions and responsibilities.
- NYK employees formulate creative solutions, combining the accumulated knowledge of workplaces.
- Each one thinks with his own head, argue freely and vigorously, but above all, actually take action.
- Within NYK’s history, we can find numerous businesses that were the first of their kind in Japan or in the world.
This formula will ensure a better future for the NYK Group.
Source: NYK Line
