FESCO’s subsidiary - - Fesco Shipmanagement Limited and Wallem Shipmanagement Limited (Hong-Kong) have entered into a joint venture to manage FESCO’s fleet under foreign flags, Interfax reports according to RZD-Partner. FESCO Wallem Shipmanagement Limited was incorporated in August 2006. According to FESCO’s representative, JV is established on parity basis. Off-shore fleet of the company consists of 20 new-built vessels. The JV has been established for the fleet management optimization, FESCO’s representative said.
FESCO carries out transportation between the ports of the Far East, South Korea, Japan, China, Taiwan, Vietnam, Australia, New Zealand and USA. Its fleet consists of 72 vessels with a total deadweight of 1.2 million tons. Hong-Kong company Wallem Shipmanagement Ltd is specialized on commercial fleet management. The company operates over 130 different class vessels.