Japanese Ship Industry Forms Joint Venture to Compete with Chinese Shipbuilders

Japan's Somec, a subsidiary of Orix, is teaming up with shipbuilding companies Imabari Shipbuilding, Tsuneishi Shipbuilding, and Onomichi Dockyard to create a joint venture that will order bulk carriers. The new venture will own the vessels, creating new demand for the Japanese shipbuilders and helping them compete with Chinese shipbuilders. This move aims to strengthen the Japanese shipbuilding industry, which has faced stiff competition from China in recent years.