Japanese shipbuilder Tsuneishi Shipbuilding will take a 49% stake in Mitsui E&S Shipbuilding, the latest merger in the redrawing of the Japanese shipyard map.
Tsuneishi will acquire the interest in Mitsui E&S Shipbuilding on October 1.
Combined, Mitsui E&S and Tsuneishi would be Japan’s third-largest shipbuilding group by volume of commercial-vessel construction. The two yard groups entered into an operational tie-up three years ago that covered parts and design.
Last October, Mitsui E&S sold its naval and government shipbuilding operations to Mitsubishi Heavy Industries.
Having been through a period of mergers two decades ago, Japanese shipbuilders have been combining forces once again over the past couple of years in order to try and stay competitive against nearby rivals in China and South Korea.