Kuok's PCL and Drydocks World form joint venture
Kuok Group’s Pacific Carriers Ltd (PCL) has taken a stake in Drydocks World Southeast Asia forming a new joint venture to run its four yards in Singapore and Indonesia, Seatrade Asia online reports.
The new joint venture DDW-PaxOcean Asia Pte Ltd will continue to be based in Singapore with Khamis Juma Buamim, chairman of Drydocks World, chairman of the new company.
“We are committed to this partnership with Kuok and its subsidiaries, which has a long-standing reputation in the shipping industry,” Buamin said.
For PCL the venture expands on its existing shipyard business in China. “We are delighted to have Drydocks World as a joint venture partner,” said Teo Joo Kim, chairman of PCL. “With Pacific Carrier Group’s fleet of vessels and Kuok Group’s two shipyards in China coupled with the shipyard facilities and expertise of the joint venture and Drydocks World, I see marvelous opportunity to create value for the benefit of the respective parties.”
The joint venture will operate one yard in Singapore, and three on Batam Island, Indonesia.
