Japan’s NYK Line has acquired a 10% stake in compatriot Uyeno Transtech as part of a wide-ranging cooperation pact on decarbonisation shipping initiatives.
Uyeno Transtech is the coastal shipping division of Uyeno Group Holdings, a diverse transportation and trading company focusing on chemicals and clean petroleum products.
NYK said it had come to an agreement with the private family-owned Uyeno Group on the share acquisition. The company did not disclose the value of the transaction.
It said both companies are committed to developing transport infrastructure around low and zero-carbon fuels and developing automation in shipping.
The aim is to join forces in developing a low carbon energy transportation infrastructure in both the coastal and ocean-going transportation business.
The Japanese pair want to develop seaborne transportation infrastructure around the ammonia and hydrogen and develop zero-emission and automated ships.
NYK's chief executive Hitoshi Nagasawa said the partnership was based on a shared "long-term vision."
Uyeno Group chief operating officer Gen Uyeno said he saw the partnership developing a high value “one-stop service” around the growth of new energy.
The Uyeno Group was founded in 1869 and is one of Japan's oldest shipping companies. It is mainly involved in the transportation, storage and sales of petroleum and chemical products.
It has also developed an overseas shipping business through subsidiary Oxalis Shipping which operates four tankers delivering aviation fuel to Changi Airport in Singapore.
It has broken into the renewable energy sector through its Uyeno Green Solutions which works in developing solar plants.
