Kawasaki Kisen Kaisha Ltd., (“K”Line) one of the largest ocean carriers in Japan, officially denied the rumors of a potential bankruptcy, adding that anotherlogistics company started to spread the rumor through emails to costumers.
“K”Line issued a statement last Friday on its website, after many weeks of expectations regarding the malicious reports of bankruptcy.
The news release states:
To whom it may concern
It has become known to us that a certain NVOCC company had circulated false e-mails stating a potential bankruptcy of “K” Line to their customers. The message contained in the e-mails is unfounded without basis of any financial analysis and what is stated therein is false. We have strongly protested to the said company, who has admitted that the statement was false and promised to send to their customers a message to retract such statement. We are also considering to take any necessary legal measures that we may have against the concerned parties.
Our financial condition is sound as shown in the link below, more specifically: As of 30 June 2016, the Cash and deposits is JPY 214,304 mil（approx. US$ 2,082mil.）; Total net asset is JPY 330,392 mil (approx. US$ 3,210mil); equity ratio is 29.1%; and liquidity ratio is 154.5%, and moreover, we maintain the credit rating at the same sound and viable level as other shipping companies. It is evident also from these figures that the messages sent by the said company to its customers are erroneous.
We have been providing and will assure to continuously provide our customers with our high quality services.
According to an article from Splash247, “K”Line refers to the Singapore’s logistics company APL Logistics, which was part of Neptune Orient Lines (NOL).
Recently, French’s CMA CGM purchased NOL, but the deal did not include APL Logistics. Last year, the Japanese company Kintetsu Express purchasedAPLL for US$1.2 billion.