Giant Japanese trading house Mitsui & Co has explained the reasons for its investment in Maersk Tankers as part of the $1.17bn privatisation of the Danish company last week.

Its comments come against local criticism that it is providing assistance to a company that is a commercial rival of many of Mitsui & Co’s close Japanese business partners.

Last week Maersk Tankers fleet of 161 product tankers was sold to AP Moller Holding Investment, with Mitsui & Co joining the investment as minority partner in a ship holding company last week.