The Lavinia Corporation, an Athens, Greece-based shipping company, has teamed up with the Liaoyu Group, a Dalian, China-based fishing firm, to establish a joint venture aimed at building reefer vessels destined for use in the Antarctic krill fishery.
According to a statement issued by Lavinia, the new venture, which will trade under the name Fresh Cool Logistical Services and will be based in Dalian, has plans to order two reefer vessels “for the transportation of Liaoyu’s krill and other fishing products from the Antarctic and worldwide and also serve the transport needs of Lavinia Corporation.”
Each vessel will have the capacity to carry weight up to 11,000 dead weight tonnage, according to the firm.
Lavinia added that the new venture’s initial investment plan exceeds USD 80 million (EUR 76.2 million), though the firm did not answer questions concerning the contribution split between each partner.
Co-founded by Greek shipping magnate Panos Laskaridis, Lavinia operates a fleet of 90 bulker, tanker, and reefer vessels and has partnered with Chinese firms for shipbuilding purposes in the past.
The Liaoyu Group, a state-owned entity, has its own shipbuilding subsidiary and has, through the first three quarters of 2024, increased its sales by 288 percent over the same period last year, CEO Liu Haibo told the Liaoning Daily.
“The two partners have expressed their satisfaction about this new joint venture, which mirrors their excellent cooperation and mutual respect,” Lavinia said. “The venture also demonstrates Lavinia’s dedication to the transportation needs of the Chinese fishing fleet, which dates back more than 35 years.”
China has remained steadfast in espousing the high value potential of fishing for krill in Antarctic waters, worrying conservationists who have voiced alarm over the fragility of the ecosystem.
Norwegian krill-fishing firm Aker BioMarine, which provides krill oil products to markets around the globe, increased its sales in China by 60 percent year over year in the first three quarters of 2024, signaling high demand in China for krill-based products.
“The Chinese population values good health and actively prioritizes it by continuing to purchase krill-based products,” Simon Seward, the CEO of human health ingredients at Aker, said in a recent interview with SeafoodSource. “Our strong growth highlights the demand for our premium, science-backed health solutions, and we remain confident in our ability to launch new consumer-facing products successfully.”
