LR Asia, China Classification Sign Joint Venture

Lloyd’s Register Asia signed an agreement to establish a joint venture with China Classification Society (CCS). The exclusive agreement was signed by David Moorhouse, Executive Chairman of Lloyd’s Register, and Li Kejun, President of CCS.

The joint venture, to be based in Beijing, will enable the rapid roll out of a number of key products and services to the benefit of the maritime industry in China.

Lloyd’s Register Asia is keen to introduce more of its established products and services into China, while CCS has a large Chinese client base and wishes to widen its portfolio. The agreement will make it possible for both parties to introduce relevant products and services, in Chinese, in a much shorter time than would otherwise be the case.

“The Chinese-owned classed fleet, now standing at 26 million gt, is set for continuous growth,” says Moorhouse. “For instance, 15% of oil imports into China are currently shipped on Chinese-owned vessels, but targets have been set to increase this volume to 50% by the year 2015. This joint venture will extensively widen the scope of technical services available to the Chinese maritime community. ”