Denmark’s offshore shipping company ESVAGT is entering the Korean offshore wind market through a strategic partnership with domestic shipping firm, KMC Line.
ESVAGT and KMC Line have signed a letter of intent to cooperate in unlocking the potential for renewable energy production in South Korea.
“We have no doubt that ESVAGT and KMC Line present a compelling offering. By combining KMC Line, a reputable shipping company with a strong presence in Korea, and ESVAGT’s expertise in Europe as a leading SOV operator, we can offer the growing Korean offshore wind industry a first-class service,” said Peter Lytzen , CEO of ESVAGT.
James Jonghoon Kim, CEO of KMC Line, said that combining the two shipping companies’ respective strengths is the new partnership’s strongest card to secure a significant market position in the developing offshore value chain in Korea.
KMC Line currently has twelve vessels in its fleet, including heavy and project cargo carriers, ro-ros, and bulkers.
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In terms of other recent news coming from ESVAGT, the company was awarded a contract last month to service Vestas at Ecowende’s Hollandse Kust West offshore wind farm in the Netherlands. The firm initiated the process of designing and building the new service operations vessel (SOV).
When it comes to South Korea, the country has a target of reaching 14.3 GW of offshore wind power by 2030.