The Dutch venture capital group NPM Capital has taken an 18 per cent stake in Arklow Shipping, but did not say how much the deal was worth. The Irish firm has 26 bulk and multipurpose vessels for transporting dry bulk goods and containers between European ports, the Baltic states and the north African coast.

Arklow was set up in 1966 as a management company for captains who owned their vessels. The various units were merged in the 1970s, and the group's fleet was expanded and renewed.

NPM said it had acquired its interest by taking up newly-issued shares. The investment would allow Arklow to further upgrade and expand its fleet, the Dutch firm said.