Wisdom Marine And Synergy Marine Group Establish A Joint Venture Company
A joint venture called Wisdom Synergy Ship Management (WSSM) has been established by the leading ship management business in Singapore, Synergy Marine Group, and the Taiwanese shipping giant Wisdom Marine Group. Wisdom Marine strategically chose to work with Synergy to improve the administration of its dry bulk tonnage. Since last year, Synergy has been in charge of a portion of the Taiwanese company’s fleet.
Key operational centres for WSSM, which has its headquarters in Singapore, will be Taiwan and India. Established in 1999 by the renowned shipping tycoon James Lan, Wisdom Marine boasts a vast fleet, including over 100 bulk carriers. The new venture is viewed as revolutionary in increasing Wisdom Marine’s fleet’s operating safety and efficiency by utilising Synergy’s vast experience.
James Lan highlighted that the crew’s welfare and the project’s dedication to sustainable practices are crucial components. The founder and CEO of Synergy Marine Group, Rajesh Unni, acknowledged it was a pleasure to collaborate with the world-renowned shipping company Wisdom Marine Group.
Mutual respect and shared objectives serve as the foundation of the cooperation, which aims to help both businesses significantly influence the shipping sector. Bringing its extensive experience to the partnership, Synergy, which oversees a fleet of over 650 ships, strengthens the strategic partnership.
The action comes after Wisdom Marine decided in 2022 to give Synergy partial control over its fleet management, which laid the foundation for this extensive joint venture. Sixteen new buildings are currently being ordered by Wisdom Marine Group, which is traded on the Taiwan and London Stock Exchanges and presently runs 153 vessels. For the technical and commercial management of 130 owned vessels and seven vessels under management, the firm employs around 160 shore personnel.
The formation of WSSM is in line with the industry trend whereby large shipowners create joint ventures with third parties for ship management to maximise operational effectiveness and knowledge sharing.
Reference: Splash247
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