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World-Wide Shipping Group Ltd. (WWSG) has established its first mainland office in Shanghai as part of its strategy to expand its business in China.
Founded by Yue-kong Pao, the WWSG was once the world's largest shipping company. Its current chairman and president, Hulmut Sohmen, is Pao's son-in-law.
With Sohmen at the helm, the group acquired Norway's leading shipping company, Bergesen dy ASA, which brought WWSG's total fleet to 108 and its total capacity to 22.3 million tons, ranking first in the world.
Sohmen said the acquisition was critical to the group's China strategy, since the Norwegian company is strong in the transport of liquefied natural gas, which coincides with WWSG's business objectives on the mainland.
WWSG's business with China dates back to 1979, and it has established Sino-joint ventures outside China. However, the businesses were managed by proxies, and its business in China accounts for only 4 percent of its total business.
Sohmen said that, although his company is currently at a disadvantage compared with his competitors, who entered China much earlier, he is confident that WWSG will catch up soon.
The group, in addition to transporting China's growing crude and refined oil exports, will also participate in the maritime transport of coal, iron ore and grain. Moreover, it also plans to join in the construction of China's coastal docks and oil tanks.
WWSG has started ordering ships from China's ship makers, said Sohmen.
(Xinhua News Agency April 15, 2003)
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