World News
NYK in Joint Venture With ROLF Group
The Russia-based ROLF Group is transforming its logistics business, ROLF SCS, into a joint venture with Tokyo-based transportation company Nippon Yusen Kabushiki Kaisha (NYK) [TYO:9101], the companies announced.
Fifty-one percent of the joint venture, encompassing all of ROLF’s logistics business, will be owned by NYK, and ROLF will retain the other 49 percent.
Assets under the new umbrella include a terminal in Lobnya, the customs terminal and technical service centre Elite-Trans, CBU operation in the port of Zarubino, and insurance agent ROLF Insurance.
"The launch of the joint venture gives us a wonderful opportunity to take ROLF SCS to a brand new level," Igor Salita, CEO of the ROLF Group, said in a statement.
"This JV will be a symbiosis of NYK’s 127 years of experience and their global network (including ports, terminals and ferries) with ROLF SCS’ expertise in the Russian market and its strong relationship with customers."
Current ROLF leadership, including Alexandar Larin, CEO of the company’s logistics businesses, will run the new company with support from NYK representatives, and it will keep the name ROFL SCS.
Recently, NYK has put a greater focus on its logistics business, saying that it "cannot survive based on shipping alone" and that high bunker prices have put pressure on its business.
The company’s logistics business makes up 51.2 percent of its revenues, compared with 37.2 percent for shipping and 11.7 percent for other business, according to its annual report.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 493.50 | 0.00 | 609.00 | 3.00 |
| Rotterdam | 432.00 | 18.00 | 582.50 | 17.00 |
| Houston | 450.00 | 8.00 | 607.00 | 11.00 |
| Fujairah | 476.50 | 6.50 | 699.00 | 4.00 |
| Global 20 Ports Average | 516.00 | 5.00 | 700.00 | 5.50 |
| Global 4 Ports Average | 463.00 | 8.00 | 624.50 | 7.00 |
| Global Average Bunker Price | 562.00 | 2.00 | 738.00 | 3.50 |
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