STX Pan Ocean and Zhenhua form heavylift venture.
South Korean shipping company STX Pan Ocean has teamed up with China"s Zhenhua Logistics group to launch a semi-submersible heavylift operation that will support engineering and infrastructure projects carried out by Zhenhua"s parent company, China Communications Construction Co.
The joint outfit will use the 2008-built, 16,715 dwt semi-submersible vessel STX Rose, which was built by STX Offshore & Shipbuilding and is operated by the Seoul-based shipowner.
STX Pan Ocean and Zhenhua Logistics, which is linked to port crane manufacturer and offshore engineering company, Zhenhua Port Machinery Co, signed a memorandum of understanding to form the partnership.
A Zhenhua Logistics spokesman told Lloyd"s List that it had been tentatively agreed operations would start in May.
He said heavy lift or project cargo shipments from China to countries such as Africa where China Communications Construction Co has contracts would form the core business of the operation.
STX Pan Ocean confirmed today that the memorandum of understanding had been signed.
The company said the pact would expand the volume of its heavy lift transportation business, especially in China, which was one of the future growth areas for the company.
Zhenhua Logistics said the two companies had been co-operating before the deal was signed, but ?we are anticipating a more closely aligned relationship for the longer term under the memorandum of understanding?.