COSCO, Wallem Group establish ship management joint venture
China Ocean Shipping Co. group subsidiary COSCO Qingdao, along with the Wallem Group and Taiwan’s Triad Marine Corp. have established a joint venture company specializing in international ship management.
The new company, COSCO Wallem Ship Management Co. Ltd. (COSCO Wallem), started operation Sept. 16. COSCO Qingdao said the joint venture is the first professional ship management company based on the Chinese mainland.
COSCO Wallem manages a fleet of 20 ships, aggregating about 1.5 million deadweight tons, with customers including the Japanese Itochu Corp. and Sumitomo Group, as well as shipowners from Denmark and Hong Kong.
COSCO Wallem said it will initially focus on managing large-scale dry bulk carriers, before gradually expanding to the tanker and containership markets and some other sectors if possible.