Singapore-based Marco Polo Marine has signed a Memorandum of Understanding (MoU) with K Line Wind Service (KWS) to explore suitable vessel opportunities in the Japanese offshore wind market.
Through the new entity, both parties aim to own and operate suitable offshore support vessels targeting customers in the offshore wind sector.
The agreement marks Marco Polo Marine’s entry into another Asian offshore wind market, in addition to Taiwan.
“With KWS as our strategic partner, we intend to pool together our expertise in vessel management and leverage on their deep knowledge of the Japanese market to support the pipeline of offshore wind projects in the region”, said Sean Lee , CEO of Marco Polo Marine.
Earlier this year, the company acquired a share in the Taiwanese company PKR Offshore from PACC Offshore Services Holdings (POSH).
In August, the shipbuilder and vessel provider reported a 139.5 per cent increase in revenue for the third quarter of the fiscal year, partly driven by a significant increase in average charter rates.
KWS was established in June 2021 as a joint venture between Kawasaki Kisen Kaisha (”K” Line) and Kawasaki Kinkai Kisen Kaisha, for the purpose of providing marine services within the offshore wind industry.
According to the Global Wind Energy Council (GWEC), Japan has about 128 GW of bottom-fixed offshore wind potential and 424 GW of floating offshore wind potential.
To encourage development in the sector, the Japanese government has set a target of 10 GW of offshore wind by 2030 and 30-45 GW by 2040.