Nissen Kaiun, one of Japan’s largest private shipowners, has diversified its business by taking a major stake in shipbuilder Shikoku Dock.

It has emerged that Nissen bought 49.5% of the shares in Shikoku Dock from Mitsui E&S Holdings for an undisclosed price in the summer.

It is now the largest shareholder in the shipbuilder ahead of insurance, investment and real estate company Shikoku Kougyo, which holds 42.5%.