Shanghai: Celebrating the launch today of the latest issue of SinoShip, Maritime CEO meets the cover star of the magazine, David Wu, one of China’s most connected men in the offshore sector.
The former doctor with strong ties to Norway is now pursuing his own business after stints with IM Skaugen and Agility.
Landmark Holdings is Wu’s investment company, it has three main strands. First up, the company is behind a series of orders for jack-ups at Yantai Raffles, two firm and three options, with China Merchants among the co-investors.
Wu’s strength is in his interface between domestic and international firms. To this end, another service he offers is as a financial adviser for sale and leasebacks. He deals with state run lending companies on behalf of owners.
“All Chinese financial houses see the offshore sector as really good for leasing,” he comments, adding: “More and more money will be available there.”
The other intriguing strand in his investment company is in a brand new LNG containment system, which he has invested in along with Norwegians.
Testing was carried out at Xiamen Shipbuilding on the LNT A-Box system in January. The technology consists of an IMO independent tank type A placed in an insulated hold space.
LNG tanks have been either the spherical Moss type of a membrane system for decades. “Our idea,” says Wu, “was to build LNG vessels easier and more cost efficiently and making it possible for every yard to build them.”
The concept is similar to LPG tanks, the difference being the temperature is about 100 degrees cooler.
The stainless steel tanks are easy to inspect both inside and outside. Moreover the system can be used on FLNGs and FSRUs, their flat shape attracting lots of attention.
The other hat that Wu has is as an investor and board member of Oslo’s brand new shipping bank, Maritime & Merchant, which launched last October and is focused on finance for mid-sized and smaller shipping companies.
“There is a need for this niche market. We were first to sign up,” Wu says. Landmark Holdings has an 18.75% stake in the bank, with other shareholders including European shipping heavyweights Henning Oldendorff and Arne Blystad.
For a longer interview with Wu, readers can access SinoShip’s cover story by clicking here. [03/03/14]