There are great offshore wind ambitions in South Korea, where the goal is to establish up to 18.3 GW of offshore wind capacity by 2030. With great offshore wind ambitions also come ambitions and opportunities for many companies. The shipping company Esvagt is now reaching out for these opportunities. The company has therefore decided to establish a joint venture with the South Korean shipping company KMC Line.
The agreement for the new joint venture, Kesto, was signed at a ceremony in Seoul on May 8 in the presence of more than 70 customers, partners and government representatives. It is precisely the entry of a number of customers into the South Korean market that has led Esvagt to also turn its attention to the Asian country.
- It is our ambition to grow, and we are meeting a wish from our customers to be able to draw on known competencies in new markets, says Søren Karas, CEO of Esvagt, and continues:
- The Korean offshore wind market has enormous potential, but as a growth market it also contains unknown factors. That is why international developers and wind turbine manufacturers place importance on being able to collaborate with well-known and respected suppliers, when much else is new. It is to our advantage, he adds.
Partnership ensures good conditions
The partnership with KMC Line gives the new joint venture the best conditions for a good start, assesses Jacob Lykke-Kjeldsen, Senior Sales Executive at Esvagt:
- KMC Line contributes with important market insight and strong relationships with local partners, authorities and maritime universities in the region. This will be crucial in order to be able to transfer ESVAGT's many years of experience with offshore wind to the Korean market and ensure competent delivery and high quality from day one, he says.
With the new South Korean setup, ESVAGT is now present on three continents. ESVAGT pioneered Service Operation Vessels (SOV) in Europe and in 2021 took the step into North America through the joint venture Crest with the American company Crowley.
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