New ship management joint venture announced

(Posted on 14/07/23)

Leading maritime companies Transworld Group and Fleet Management (FLEET) have established a new ship management joint venture, Transworld Fleet Management.

This will provide dedicated technical management services to Transworld Group’s diversified fleet which includes container vessels, bulk carriers, and tankers, besides Transworld associated and affiliated vessels. The new venture

would thus also support and provide value-added 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 utilising 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 inour working relationship as we continue to add to our ship ownership portfolio, particularly in tankers,” Mr. 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 cofident 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 closely together in India, Hong Kong SAR, Dubai and Singapore.

Fleet Management (FLEET), part of The Caravel Group, is the second-largest ship management company globally, managing more than 650 vessels.

Transworld Group is a Global Shipping & Logistics Solution conglomerate, operating through the strong network of more than 40 own offices worldwide, with over 1000+ experienced professionals.