Growth in specialist ship management services leads HK-based Wallem Group to open its first ship management & broking operation in Singapore.
The move into Singapore comes six months after Wallem formed a ship management joint venture with mainland shipowner Nanjing Tanker in Singapore, reports the 'South China Morning Post).
Captain Deepak Honawar, a director of Wallem Shipmanagement, considered that launching in Singapore would provide more space for the company to grow its Hong Kong ship management business. As a result, it was likely some of the ships currently managed from Hong Kong, along with technical staff, will be transferred to the Singapore operation, which will make room in HK for expansion. Wallem is already looking at using Singapore to expand the ship management business into Malaysia and Indonesia.
Wallem manages more than 400 ships globally including tankers, dry cargo bulk carriers, containerships and vehicle carriers on behalf of shipowners.
Source: South China Morning Post