NYK moves to absorb NS United in near $1bn deal

NS United Japanese shipping major Nippon Yusen Kaisha (NYK) has set out a two-stage transaction worth close to $1bn to take dry bulk affiliate NS United Kaiun private and lift its holding to 83.33%. NYK will offer ¥10,600 per share for up to 11.38m shares, representing the entire 48.29% holding outside NYK, Nippon Steel and NS United’s treasury stock. The tender is capped at ¥120.6bn, or about $765m. The price carries a 36.95% premium to NS United’s closing price on July 30. The target’s board has backed the deal and said it intends to recommend that shareholders accept the offer once it opens. A second step will see NS United buy back 4.72m shares from Nippon Steel for roughly $230m. Nippon Steel’s stake will fall from 33.36% to 16.67%, while NYK should move from its current 18.55% interest to 83.33%. The two parts of the transaction are worth a combined ¥156.9bn, or about $992m. Remaining minority investors will be squeezed out if NYK does not secure all the targeted shares through the tender, paving the way for NS United to delist from the Tokyo Stock Exchange. The tender is expected to start in late November or December after competition clearances in Japan, Australia, China and Brazil, with completion of the privatisation targeted by mid-April 2027. NS United operates around 210 ships across its international and domestic businesses, cooomprised of about 130 oceangoing vessels and 80 coastal ships, with a strong focus on iron ore, coking coal and other cargoes tied to the steel industry. NYK has over 900 vessels under group operation, including more than 400 ships in its dry bulk business. The company said bringing NS United under full control would improve vessel deployment and cut procurement costs across fuel, ships and financing, while strengthening its links with steel industry customers. NS United has continued investing in larger, lower-emission tonnage. Earlier this year, the company signed long-term charter deals with Rio Tinto covering two 209,000 dwt methanol dual-fuel newcastlemaxes due from 2028. The transaction also extends a wider consolidation of NYK’s dry bulk interests. The group completed its takeover of 48-ship open-hatch operator Saga Welco in July and launched NYK Bulkship Partners in April through the merger of Asahi Shipping, Hachiuma Steamship and Mitsubishi Ore Transport. Follow Us Adis Ajdin Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy. Newsletter DAILY SPLASH NEWSLETTER Subscribe now for FREE daily news updates. Subscribe Read Next August 3, 2026 MISC orders small-scale LNG carrier for Japan trade August 3, 2026 New Yangtze books Changhong newcastlemax pair August 3, 2026 Subsea7 lands up to $150m Shell pipeline job off Brunei July 31, 2026 Singapore hands out eight LNG bunker licences July 31, 2026 Splash Wrap: War-risk map widens