Hyundai Merchant Marine announced on February 1 that its subsidiary Hyundai Ocean Service signed a deal to establish a ship management joint venture with Greek shipowner Tsakos Group. The joint venture, named “Tsakos Hyundai Ship Management,” will launch full-scale operations from next year.
Under the terms of the deal, the joint venture will be responsible for offering ship management services for the Greek shipowner’s 12 ships, including LNG carriers, bulkers, and tankers. This deal would clear the way for Tsakos to save ship management cost, while enabling Hyundai Ocean Service to enjoy a stable stream of earnings.
Hyundai Ocean Service expects the contract to contribute to securing other ship management service orders from other shipping companies worldwide. The establishment of the joint venture would also likely to help Hyundai Merchant Marine which has the 100-percent stake in Hyundai Ocean Service develop its expertise in ship management service areas.
Hyundai Merchant Marine officials said, “The latest deal would contribute to increasing our brand recognition in the global shipping market.”
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