[photopress:logistics_koay_pen_yeng.jpg,full,alignright]IMC Corporation, which is effectively owned by the Tao family, is expanding its shipyard business in China with two new yards, one focusing on ship repair and another on shipbuilding.
Koay Peng Yen, group chief executive of IMC and seen in our illustration, said, ‘We are expanding in the shipyard area, we have two ship repair yards right now and we’re building up a new building and conversion yard and a ship repair yard.’
IMC is already in the ship repair business in Thailand with Unithai Shipyard, and China with Zhoushan IMC-Yongue Shipyard and Engineering.
The two new Chinese yards will be in Zhoushan and Dalian Changxiang and are being developed with partners who were not disclosed.
Koay Peng Yen said, ‘We will release more information when our partners are more ready.’
In December, IMC opened a multi-purpose port in Dalian Chianxing, an island being promoted as a harbour industrial zone.
According to Koay Peng Yen, its existing China joint venture ship repair yard in Zhoushan is full a little more than a year after starting operations.
IMC Corp was set up last year to consolidate all the shipping, industrial, offshore and logistics businesses held by Fredrick Tsao’s IMC Pan Asia Alliance. IMC Corp is headed by Koay Peng Yen who moved from Neptune Orient Lines in mid-2006, and has since brought over a number of other senior executives from the Singapore shipping line.
Source: Lloyd’s List