Japanese shipowner MOL is teaming up with Nippon Concept Corporation (NCC) to boost its chemical and gas transport operations.

MOL plans to acquire 15% of NCC’s shares through buying existing and new stock. No price was revealed.

The move is being made against a shipping industry "undergoing rapid changes, such as sluggish and fluctuating markets and industrial reorganisations, due to structural changes in energy demand in recent years and the ongoing trend toward local production for local consumption," according to the company.