V.Ships, the world's largest ship management company, with HQ in London, UK, has announced on April 12 that its wholly-owned subsidiary opened in the Lujiazui area of Shanghai, Pudong Times has reported.

It registered the subsidiary in Lujiazui last July with 2-million yuan in capital, and will focus on shipping management and consultation for luxury cruise liners and special boats.

V.Ships' China move complements the country's plan to promote its shipping industry that it announced in 2014, and which allows for the establishment of wholly foreign-owned shipping management companies in the China (Shanghai) Pilot Free Trade Zone (FTZ) in Shanghai's Pudong New District, where Lujiazui is located.

Bob Bishop, the CEO of V.Ship said at the opening ceremony that they will take advantage of Shanghai's free trade zone to expand their business and bring high-quality services to the Chinese market.

The new subsidiary brings the number of foreign-funded shipping management companies in the zone to 12, as of November 2015, according to the Pudong shipping authorities. Experts say that the increase in foreign-funded shipping management firms helps Shanghai's competitiveness in shipping management and contributes to its goal of becoming a global shipping center.

V.Ships is part of the V.Group Holdings, with more than 60 branches across 26 countries, and it manages more than 1,200 ships and 37 crew bases around the world.

Source: China daily.com