Dubai-based Transworld Group and Hong Kong’s Fleet Management are teaming up for a new ship-management venture.
The fresh company — Transworld Fleet Management — will provide technical management services to Transworld’s diversified fleet of container ships, bulkers and tankers.
And the venture will also cater to third-party owners in the region.
Transworld Group chairman Ramesh Ramakrishnan said the new operation would enable the company to focus on the ship ownership aspect of their business, while using Fleet’s technical management expertise on a broader scale.
“Fleet has managed a number of our vessels over the past year, and this joint venture is a natural progression in our working relationship as we continue to add to our ship ownership portfolio, particularly in tankers,” he said.
Ramakrishnan expects significant support from his new partner’s technical, operational and quality, health, safety and environment teams to ensure efficient management, including ongoing adherence to regulatory requirements and digitalisation.
Harry Banga, chairman and chief executive of Fleet’s parent company, Caravel Group, said he was confident in the success of the joint-venture partnership due to aligned corporate values and backgrounds as family-run businesses.
“We share a similar philosophy in striving to manage our businesses in ways that create positive change, meaningfully contributing to the opportunities ahead for us all,” he said.
“Our Fleet team is committed to supporting Transworld Group as they ramp up their ship ownership and continue to expand in this space.”
Operations in four centres
The joint-venture structure will involve Transworld and Fleet employees working closely together in India, Hong Kong, Dubai and Singapore.
Fleet is the second-largest ship-management company globally, running more than 650 vessels.
It handles bulkers, container ships, car carriers, gas ships and tankers up to VLCCs.
In May, Transworld said it would delist Indian subsidiary Shreyas Shipping & Logistics (SSL) as part of a bid to take full control.
The shipping group said the coastal feeder ship operator will leave the Bombay Stock Exchange and the Northern Stock Exchange if it succeeds with a share offer to other investors.
Last year, Transworld made a move into tankers with a double purchase of LR1 ships.
The latest diversification involved two 74,000-dwt clean carriers renamed TTC Vidyut and TTC Shakti.
The fleet also comprises nine bulkers, 13 boxships and one anchor-handling tug supply ship.
