Effissimo Capital has continued to increase its ownership stake in K Line.
The investment fund has brought its holding in the Japanese shipowner to more than 38%.
Singapore-based Effissimo upped its ownership in K Line from around 6% to more than 37% through a series of acquisitions from June to August.
Its move was seen at the time as a possible effort from Maersk Line to take over K Line.
But since then, K Line has already agreed to combine its containership operations with compatriots MOL and NYK.
K Line will have a 31% stake in the Japanese joint venture, which is expected to reduce costs by JPY 110bn ($1bn) a year.
The company turned red in the first six months of 2016 as it recorded a JPY 50.45bn loss, reversing a profit of JPY 11.7bn a year ago.
