Norway's Wilhelmsen Group expects to increase its LNG shipping footprint after signing a new cooperation deal with partner Hyundai Glovis.
Now is the right time to eye growth in an expanding sector, said Sean Neilan, vice president of commercial at Wilhelmsen Ship Management.
He was unable to comment on Hyundai Glovis' plans for newbuildings or other fleet expansion moves.
However, Neilan told TradeWinds: "It is no secret that the LNG market continues to steadily grow and has enormous, long-term potential going forward.
"This, of course, provides opportunities for vessel owners and experienced management companies such as ourselves to increase their footprint in this important vessel segment."
The two sides have been working together since 2004. Group holding company Wilh Wilhelmsen Holding has a 12% stake in Hyundai Glovis, which has two LNG carriers.
The cooperation deal will involve exploring short and long-term opportunities in gas shipping and green fuels.
Management prospects open up
Asked if more shipmanagement opportunities will be opened up, Neilan added: "We hope so. Ship management will play a crucial role to ensure the vessels brought in by this partnership are managed efficiently.
"This partnership opens up a platform whereby both parties can freely share and learn from each other. By joining our resources, we see many potential synergies particularly in creating a thriving environment for our digital development with a ready test-bed."
Neilan said that where possible, Wilhelmsen Ship Management will share best practices in ship safety management and cost saving initiatives with its South Korean partner.
Wilhelmsen already has experience in managing LNG and LPG carriers, as well as floating storage and regasification units and floating LNG production units.
From a single vessel in 1994, it has grown the managed fleet to nearly 30 vessels today, the company told TradeWinds.
Partly owned by Hyundai Motor Group, Hyundai Glovis also operates car carriers and tankers.
Thomas Wilhelmsen, CEO of Wilhelmsen Group, said on Thursday: "We have always been interested in leveraging potential synergies between the two companies, but it's our shared focus on developing hydrogen as a fuel for the future that has acted as the real catalyst."
