Nippon Yusen Kabushiki Kaisha (NYK) Line has agreed to take full control of its joint company Mitsubishi Ore Transport (MOT).

The company will purchase all MOT shares from its partners Mitsubishi Corp (MC), Tokio Marine & Nichido Fire Insurance, and Mitsubishi Heavy Industries (MHI).

This deal will enable NYK, which currently has a 40.28% interest in the company, to make MOT its wholly owned subsidiary.

MOT is a vessel management and shipowning business with 17 ships, which include bulkers, pure car and truck carriers, and wood-chip carriers.

The company claims to have extensive knowledge of the shipowning business.

The acquired business is also expected to help NYK bolster its group-wide ship management solutions, including the launch of next-generation fuel vessels to support decarbonisation.

Furthermore, NYK will focus on pursuing “synergy in its dry bulk business and promote flexible, value-added business development”.

Earlier this month, NYK took delivery of a new coal carrier, called Kagura, from Oshima Shipbuilding.

The vessel has an overall length of 235m, a breadth of 43m and a summer draft of 13.853m.

In January, NYK placed an order with Kawasaki Heavy Industries (KHI) for a new liquefied petroleum gas (LPG) dual-fuel very large LPG/liquefied ammonia gas carrier (VLGC).

The ship will be constructed at the KHI Sakaide Works shipyard.