NYK Line is buying all the shares of its joint company Mitsubishi Ore Transport (MOT), a ship management and ship owning business.
NYK Line owns a 40.28% stake in MOT but has announced it will obtain the remainder of the shares from Mitsubishi Corp, Mitsubishi Heavy Industries and Tokio Marine & Nichido Fire Insurance.
Japan-based MOT operates vessel management and ship owning businesses. It has 17 ships including bulkers; car and truck carriers; and woodchip carriers.
MOT says it has invested in Capesize bulk carriers for Nippon Steel Corporation and transports coal and ire ore from Australia to manufacturing plants in Japan.
NYK said MOT has “high-quality vessel management know-how and rich knowledge of the ship-owning business”.
It said taking MOT on as a wholly-owned subsidiary would strengthen NYK’s ship management system, help address issues and introduce next-generation fuel vessels to support decarbonisation.
MOT was founded in 1959 as a joint venture between several Japanese businesses, including Mitsubishi Shipping.
