TATA Steel announced that it has entered into a 50:50 JV agreement with Nippon Yasen Kabushiki Kaisha for Setting up a shipping company to cater to dry bulk and break bulk cargo help the company to cut down the cost of transportation of raw materials.

NYK Line is Japan's largest marine transportation company with operations across the world. It owns and operates around 758 vessels that provide a broad range of shipping services that include container, cruise, tramp, and specialized transport services. The company also provides logistics services through a highly integrated transportation network throughout the world.

Steel companies are increasingly exploring opportunities to tie up with shipping companies to lower transportation costs. As per a report in ET in September Arcelor Mittal was said to be in an advanced stage of talks with Shipping Corporation of India to form a 50:50 JV.