LR Asia and CCS sign jv

Lloyd?s Register Asia has signed an agreement to establish a joint venture with China Classification Society (CCS) in Beijing. 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.

The joint venture will enable the two classification societies to combine their strengths and will lead to distinct advantages for both parties. LR Asia is keen to introduce more of its established products and services into China, whilst 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. LR Asia offers an attractive suite of products and services, and conditions are now favourable for their introduction into the Chinese marketplace. We are delighted to be collaborating with China Classification Society in this joint venture, which will extensively widen the scope of technical services available to the Chinese maritime community.”