Ship Management Firms Form Alliance
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.