Japan’s Mitsui OSK Lines has strengthened its relationship with China’s massive state-owned Cosco group through a newbuilding investment deal.

Hong Kong-listed Cosco Shipping Energy Transportation (CSET) is taking a 49% stake in three vessels ordered in September last year by MOL at Hudong-Zhonghua Shipbuilding in China.

Parent Cosco Shipping Holdings said it has agreed to boost its subsidiary’s capital by $118.1m