JAPAN’S Kawasaki Kisen Kaisha (“K” Line) and Korea’s Hanjin Shipping, partners in the CKYH Alliance, have agreed to buy about 3% of each other’s stock.

A “K” Line statement says: “This reciprocal stock purchase will further solidify our partnership and bring our mutual objectives even closer than at present. The two companies are thereby expecting to make more timely and most appropriate management decisions for each organization in today’s dynamic business environment.”

The move comes shortly after the death of Hanjin Shipping’s chairman Cho Soo-ho. Late last month the company’s shares surged on speculation of a takeover.