Japan's Imabari and JMU agree new joint venture yard

Imabari Shipbuilding and Japan Marine United (JMU) have agreed terms on setting up a new joint venture shipbuilding company in a bid to keep pace with lower cost rivals in South Korea and China.

As TradeWinds reported earlier, the Japanese pair have been in discussion on an equity and business tie-up since November last year.

The new joint venture will be named Nihon Shipyard and combine JMU and Imabari’s design, planning, marketing, procurement, research and development and production facilities.