Imabari Shipbuilding and Japan Marine United Corporation (JMU) have agreed to form a joint venture (JV) in order to better compete in global shipbuilding.
To be established on 1 October 2020, the JV will sell and design all commercial vessels except liquefied natural gas (LNG) carriers. The alliance would control about 10% of the global shipbuilding business.
The new company, Nihon Shipyard, will be 51 per cent owned by Imabari and 49 per cent by JMU. Under the agreement, Imabari would take over the newly issued shares of JMU.