CTS to operate high-speed service
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.
Aboitiz Transport System is a part of the Aboitiz Group, which has been in service in the Philippines for over 90 years.
The company is a recognised leader in the Philippine coastal shipping trade.
The parent company, Aboitiz and Co, is involved in production and manufacturing, marketing and distribution, real estate, and agriculture.
In addition, its services cover the whole spectrum of businesses from computer services to banking and wood preserving.
CTS-Parkview Holdings is a joint venture company formed in 1993 with its shareholders being China Travel Service (HK) and the Hong Kong Parkview Group.
It operates the fast ferry passenger service Turbo Cat.