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Business deals

Japan shipbuilders ink capital tie-up to take on overseas rivals

Tsuneishi Shipbuilding will acquire 49% stake in bulk carrier and tanker unit of Mitsui E&S

Mitsui E&S Holdings has been unloading certain shipbuilding operations. (Photo courtesy of Mitsui E&S Holdings)

TOKYO -- Seeking a way to better compete against South Korean and Chinese rivals, Japanese shipbuilder Tsuneishi Shipbuilding will take a 49% stake in a bulk carrier and tanker unit of Mitsui E&S Holdings under a capital tie-up announced Friday.

Tsuneishi, which is based in Hiroshima Prefecture and operates shipyards in China and the Philippines, will acquire the interest in Mitsui E&S Shipbuilding on Oct. 1.

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