Japan’s Tsuneishi Shipbuilding has agreed to acquire a 49% stake in Mitsui E&S Shipbuilding from its parent company, Mitsui E&S Holdings by October 2021, following regulatory approval
Mitsui E&S Holdings will remain the majority shareholder in Mitsui E&S Shipbuilding with a 51% stake.
The deal includes all of Mitsui E&S Shipbuilding’s Japanese companies: Niigata Shipbuilding and MES Yura Dock, and its Chinese joint venture company Jiangsu Yangzi-Mitsui Shipbuilding.
Tsuneishi said the acquisition is expected to enable it to jointly speed up the development of next-generation ships using alternative fuels, as well as autonomous vessels.
In April, the company received an AiP from classification society Lloyds Register for a new 80,000-dwt Kamsarmax bulk carrier equipped with a dual-fuel engine that will run on LNG or marine fuel. Tsuneishi Craft & Facilities and Belgian firm CMB are also building HydrogBingo, a hydrogen-fuelled ferry.
The move is another major consolidation by a Japanese shipbuilder in the face of consolidation from South Korean and Chinese shipbuilders. China’s State Administration for Market Regulation has already approved the proposed merger between South Korean shipbuilders Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering and in the same month Imabari Shipbuilding and Japan Marine United launched Nihon Shipyard, a new joint venture.
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