Japan's two largest shipbuilders have confirmed that they will form a new joint venture company expected to commence operations in October of this year.
Japan Marine United (JMU) and Imabari Shipbuilding will have 49 per cent and 51 per cent ownership, respectively, in the joint venture, which will operate under the name Nihon Shipyard.
Both JMU and Imabari said that the new company will specialise in building all types of commercial vessels except LNG tankers.
The joint venture will be the two shipbuilders' second major collaboration following the earlier establishment of a "capital and business alliance" in which Imabari acquired a 30 per cent equity stake in JMU.
