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NYK turns 130, president hails all for 'creativity' for profit boost

NYK president Tadaaki Naito has praised creative measures taken in the last three decades to boost corporate profits.

NYK turns 130, president hails all for 'creativity' for profit boost
09 October 2015 - 20:31

NYK turns 130, president hails all for 'creativity' for profit boost

NYK president Tadaaki Naito has praised creative measures taken in the last three decades to boost corporate profits.

He made the remarks during a speech, celebrating the company's 130th anniversary in Tokyo where he stressed that "ongoing business diversification and globalisation have resulted in consolidated revenues increasing by a factor of 5.3, from US$3.7 billion to US$20 billion over the last 30 years. 

"Our fleet of vessels has more than doubled in number. The value of our total assets is six times as great. And our consolidated subsidiaries and affiliates have grown from 36 in 1985 to more than 700 today. Half of these are ship-owning special purpose companies."

He said growth has been the result of "the pursuit of creativity, an attribute of the company since its inception (in 1885), while desperately seeking a path to differentiation to ensure a competitive advantage, no matter how slight, within the global shipping industry."

Examples of the company's efforts to be different can be seen in the establishment of close relationships with Japanese manufacturers under the banner of safety, security and reliability.

He said that working within the constraints of limited capital, the shipping group made the most of its knowledge and strong ties with Japanese shipyards to build new and competitive vessel types.

"Making the most of these advantages to successfully draw up business plans enabled us to navigate the rough seas of past market slumps caused by the oil shock, strong yen and the large gap between supply and demand," he said.

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