NYK has acquired a 25% stake in an Indonesian car terminal operator.
Patimban International Car Terminal (PICT) is based at the port of Patimban, which has been under construction since 2018.
NYK acquired its stake in the terminal from Toyota Tsusho Corporation on 30 June, but the registration was finalised on 18 August.
Toyota Tsusho transferred 66% of its shares amongst NYK, Toyota’s marine transport company Toyofuji Shipping and logistics business Kamigumi. The corporation still holds a 34% stake in the terminal.
NYK said the terminal was capable of handling 220,000 vehicles per year in 2022, and expansion is underway to increase capacity to 600,000 vehicles per year.
“Through our equity participation in PICT, we will be able to provide optimal logistics services to our customers, including vehicle and construction equipment manufacturers entering the Indonesian market, and contribute to developing the Indonesian economy,” NYK said in a statement.
It said the nearby port of Tanjung Priok, another port in the Jakarta metropolitan area, had become “chronically congested” with increased volumes of cargo.
“In addition, traffic congestion on the roads connecting the port and the Eastern Industrial Park in the eastern part of Jakarta, where many Japanese companies are located, has caused delays in importing and exporting auto parts and finished vehicles.
“The full-scale operation of the port of Patimban is expected to solve these problems.”
Toyota Tsusho said PICT’s expansion is supported by an Official Development Assistance loan agreement.
“Through this transfer of shares, PICT’s operational structure will be strengthened by the participation of three companies with abundant experience in automobile terminal operations in Japan and overseas,” the corporation said.
“Toyota Tsusho will aim to realise further growth of PICT and an automobile terminal with international competitiveness.
“Toyota Tsusho will collaborate with its partners in Indonesia, which is an important production base and sales market in Asia for the automobile industry, and aims to contribute to the further development of the Indonesian economy through operating a port with international competitiveness.”
The expansion at PICT is due to be complete in July 2025.