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Effective April 1 next year Japanese trading house giant Sumitomo Corporation is spinning out its ship trading business to a 100% owned subsidiary, Sumisho Marine.
Sumisho Marine staff will move to a new office in Tokyo when the company split takes place next year.
Explaining the rationale for the corporate carve-up, Sumitomo said in a release: “In the ship trading business, in addition to new demand associated with the stable growth of seaborne trade, we also expect to see an accelerating demand for the replacement of existing ships, along with the enforcement of environmental regulations to control greenhouse gas emissions from ships. In order to respond to these business opportunities and to maximize customer service, Sumisho Marine will form a specialized body to reinforce the system in this area, aiming to further enhance customer value and to further increase our profit as a group.”
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