Transworld and Fleet Management form ship management JV

UAE-based shipping company Transworld Group and Hong Kong-based ship management company Fleet Management (FLEET) have established a new ship management joint venture, Transworld Fleet Management.

The JV will provide dedicated technical management services to Transworld Group’s fleet which includes container vessels, bulk carriers, and tankers. The new venture would also support and provide ship management services to many other shipowners in the region.

Transworld Group Chairman Ramesh S. Ramakrishnan said the joint venture would enable the company to focus on the ship ownership aspect of their business, while utilizing FLEET’s technical ship 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,” Ramakrishnan said.

“We are anticipating significant support from FLEET’s technical, operational and quality, health, safety and environment teams to ensure efficient management, including ongoing adherence to regulatory requirements and the utilization of a broad range of digital capabilities,” he added.

Harry Banga, Chairman and CEO of FLEET’s parent company, The 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,” Dr. Banga said.

“Our FLEET team is committed to supporting Transworld Group as they ramp up their ship ownership and continue to expand in this space.”

The joint venture structure will involve Transworld Group and FLEET employees working together in India, Hong Kong SAR, Dubai, and Singapore.