Nippon Yusen to close subsidiary

Nippon Yusen K.K., the nation’s biggest shipping firm, said Monday it has decided to liquidate its wholly owned subsidiary in Luxembourg.

NYK International (Luxembourg) S.A., which was established as a holding firm in 1970 to invest funds in and lend money to four shipowners under its umbrella, will be dissolved by March 2003, Nippon Yusen said.

Its financial division was transferred to Nippon Yusen group firms in Britain and the Netherlands in 1987, Nippon Yusen said.

The liquidation process will not affect group and parent-only earnings for fiscal 2002, as the firm has already factored expected losses into its earnings forecast, according to Nippon Yusen.