China’s Qingdao Port International has inked a pact with towage and emergency response specialist Svitzer aimed at boosting cooperation in the towage industry.
The deal envisages setting up of joint ventures that would tap into the capacities of both parties with the aim of targeting both China’s and international markets.
According to the head of Qingdao Por, Zheng Minghui, the partnership will aid to the port’s business development and growth.
The announcement comes in less than a month from Svitzer’s entrance into Malaysian market as part of the towage company’s strategic objective of growing emerging markets.
Namely, Svitzer established a joint venture with SVR Marine Services in an effort to secure a footprint in Malaysia at the beginning of June.
Maersk’s towage business arm has also expanded into Brazilian towage market having taken a controlling stake in Brazilian towage operator Transmar Servicios Maritimos thus entering the Brazilian market for the first time.