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Japanese shipbuilder Mitsubishi Heavy Industries, Ltd. (MHI) aims to focus on the development of gas-fuelled vessels as part of its growth strategy.

In its 'MHI Report 2017', released on Friday, the Tokyo-headquartered company outlines its key strategies for this year and the medium to long term, explaining that it intends to cooperate with other firms in new projects where it is able to use its knowledge and know-how to generate growth.

"Through alliances with other companies we intend to cultivate business in new areas, such as gas-powered ships, that leverage our technological expertise," MHI says.

MHI also refers to its capacity to build bunker-saving vessels, stating: "We are increasing our ability to build ships primarily involving outfitting work, developing energy-saving ships, and collaborating with other domains to step up initiatives in new fields."

The MHI Report 2017 is a document that presents MHI's approach to value creation and progress in management reform. The report summarizes management reforms in recent years and the company's vision for the future from the viewpoint of management strategies, value creation and corporate governance.