Ship Management Firms Form Alliance

Press Release
Wednesday, September 05, 2012

LMS Shipmanagement & Wallem Group team up to provide ship management, crewing, & marine technical services.

International Shipholding Corporation (ISH) announce that LMS Shipmanagement, Inc., its wholly-owned subsidiary, and Wallem Group Ltd. have agreed to form an alliance encompassing the ship management, crewing, and marine technical services for ISH’s International Flag vessels.

While LMS and Wallem will continue to operate independently, the alliance provides that, based on expertise, the daily functions will be divided between the two companies. Thus, the alliance will allow ISH to take advantage of the economy of scale of a larger ship management organization.

“In the current financial environment, Wallem offers ship owners a unique opportunity to utilize any or all of the services offered by Wallem and take advantage of a large fleet, no matter the size of their own.”

International Shipholding Corporation’s U.S. Flag vessels will not be managed by this alliance and will continue to be operated from Mobile, Alabama.

Through its subsidiaries, International Shipholding Corporation currently operates 37 vessels with cargo carrying capabilities including tankers, bulk carriers and PCTC’s.

Wallem Group’s ship management companies manage more than 400 vessels from its offices in Asia and Europe.

It is expected that the changes associated with the alliance will be fully implemented by the end of 2012.





 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nigerian Piracy Threatens UK Interests: New Report

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.

SIA to Honor Honeywell's Gordon Hope

The Security Industry Association (SIA) says it has chosen Gordon Hope, general manager of Honeywell's AlarmNet communications network, as the 2014 recipient of the George R.

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1137 sec (9 req/sec)