Chinese state-run shipping company Shandong Shipping has announced a plan to set up a 50/50 joint venture with Hong Kong-based shipmanager Fleet Management.
The joint venture will be focusing on shipmanagement, shipbuilding supervision and maritime consultancy.
Shandong Shipping says the joint venture will expand the company’s shipmanagement portfolio and save fleet operation costs.
Shandong Shipping currently operates a fleet of 35 vessels made up of 21 bulkers, 6 tankers and 8 LPG vessels.
Fleet Management is one of the world’s largest independent third-party shipmanagement companies with over 20,000 seafarers and over 450 vessels under management.