SOMEC Forms Joint Venture with Maritime Companies for Industry-Wide Vessel Orders in Japan

SOMEC, a marine vessel trading subsidiary of ORIX, has signed an alliance with three maritime and shipbuilding companies to establish a joint venture, Sakura Ocean, for Japan's first industry-wide scheme to jointly order vessels. The JV aims to strengthen the competitiveness of Japan's maritime industry. Sakura Ocean will place orders for three new vessels and charter them to domestic maritime companies. ORIX will handle planning and coordination, while Santoku Senpaku, a wholly owned subsidiary of ORIX, will provide construction supervision and vessel management services.