Mitsui, a Japanese shipping company, announced that it had signed a capital business cooperation agreement with Nippon Concept Corporation (NCC), a Japanese shipping company.

The company said the agreement was aimed at creating a "comprehensive two-way strategic partnership", including the two groups' companies, as well as strengthening the business of both sides.

Mitsui osk said in a statement, new business alliance covers overseas and commercial network, joint ventures and service operations, joint technology research and development, joint procurement, active use of the two companies share of the business and personnel exchanges. Through this cooperation, the merchant ship mitsui will gain an opportunity to enter into the transport business of liquefied chemical products.

The tie-up is also part of the company's strategy to select and invest in a range of new business areas, including the allocation of human resources, as well as investment in chemical tankers and logistics, said mitsui. At the same time, the merchant shipping mitsui is also promoting the tank container business research.

Under this arrangement, the NCC plans to accept a full-time director and a part-time director from mitsui's board. Merchant shipping mitsui plans to acquire a 15% stake in NCC, including the acquisition of its existing shares and the subscription of NCC's new shares through third parties.