Japanese shipping company Nippon Yusen Kaisha (NYK) has joined forces with Turkish conglomerate Oyak to build and operate a finished-car logistics terminal in Yarimca port near Istanbul.
The company signed an agreement with Oyak, the Turkish Armed Forces’ pension fund, in Istanbul on April 5.
As informed, the new joint venture will be owned and operated together with Oyak Denizcilik ve Liman İşletmeleri A.Ş. (Oyak Port), a port-management subsidiary of Oyak.
“The new joint venture will be positioned to respond to demand in an area where finished-car imports and exports are expected to rise,” NYK said in a statement.
The new terminal, which will have a yard area of about 180,000 square meters, will be the first large terminal that is located in the suburbs of Istanbul and dedicated to finished cars, according to NYK.
Operations are scheduled to commence in mid-2019.
The investment is worth USD 110 million, Reuters reported.