CTS-Parkview Holdings has signed a joint venture agreement with Aboitiz Transport System to run high-speed ferry services in the Philippines.
This is the first foreign joint venture of its kind in the Philippines since deregulation of local ferry traffic.
The first route will provide a service between Batangas and Calapan. One vessel will operate the route with additional ferries being introduced over the next two years.
Catamarans serving these routes will be selected either from the existing CTS-Parkview Holdings' fleet or will be purpose built for the joint venture company by the FBM Marine Group in Britain.
Further routes and services are under discussion.
The new joint venture - Universal Aboitiz - has appointed Richard Drew general manager responsible for the operation.
Mr Drew has over 28 years experience in operating high-speed ferry services around the world.