Mitsui OSK Lines (MOL) has agreed to acquire a 40% stake in Methanex Corp’s Waterfront Shipping (WFS) for $145m.

The Japanese shipowner said the transaction will “establish a strategic partnership” between the three companies, which will enable Methanex and WFS to benefit from MOL’s broad shipping experience to “further strengthen its ... shipping operations and capabilities”.

“There will be no change to Waterfront Shipping’s day-to-day operations due to this transaction, and Paul Hexter will remain president,” MOL said.