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Merger reduces default risk of Japan's shipping companies

"If we don't have scale, then things aren't going to look pretty," says Nippon Yusen president Tadaaki Naito.


THE president of Japan's biggest carrier said on Monday that it was the sight of container businesses worldwide joining forces or collapsing that encouraged him to team up with his nearest local rivals.

Default risk on the debt of Japan's top three carriers fell as investors...

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