Japan’s mega yard joint venture is underway finally. Imabari Shipbuilding and Japan Marine United – the country’s two biggest shipbuilders – kicked off operations of their combined Nihon Shipyard on January 1, nine months later than planned thanks to Covid-19 and lengthy regulatory approval processes.
Imabari has a 51% stake in the venture with JMU holding the remainder.
The president of the new firm, Maeta Yoshinori, told reporters on Wednesday that Imabari and JMU both recognise the need to win amid severe competition from rivals in South Korea and China.
The Japanese government is preparing a bill to support domestic shipbuilders. Measures include long-term loans, tax breaks for setting up new ventures, and subsidies for technological development.