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.