Japan Buys Controlling Stake in Yokohama, Kawasaki Ports

Port of Yokohama The government of Japan has bought a 50 percent share in the company which operates the ports of Yokohama and Kawasaki for a price of JPY 500 million (USD 4.4 million), Japans Ministry of Land, Infrastructure and Transport informs. The government is now a majority holder in the company, reportedly named Yokohama-Kawasaki International Port, while other stake holders include the governments of Yokohama and Kawasaki, as well as one of Japans biggest banks Sumitomo Mitsui Banking. The transport ministry said that the Yokohama government holds some 45 percent of the company shares, while the government of Kawasaki and Sumitomo Mitsui Banking hold 4.5 percent and 0.5 percent, respectively. The acquisition supports the countrys plans to strengthen international competitiveness of Japans container ports through increased government funds. World Maritime News Staff