1995 to Present, Growing through Alliances

Mar 2024

Chavalit Frederick Tsao, an entrepreneur, recognised the significance of collaboration for humanity’s success and failure. He implemented the strategy of forming alliances for sustainable growth. Many long-term partnerships and collaboration relationships were developed consequently:

  • In 2010 and 2013, we established joint ventures in China to build deep-sea ports in Lianyungang and DongJiaKou, Qingdao as part of our iron ore supply chain strategy to support industrialisation.
  • In 2005, a joint venture to establish IMCYY, a company specialising in ship repairs, was sealed. Since 2020, we own 100% of IMCYY.
  • In 2005, a joint venture with MODEC Inc. and Mitsui & Co. Limited for the newbuilding of IMC’s first Floating Production Storage and Offloading (FPSO) vessel. Named Stybarrow, the ship entered service at the Stybarrow field off the northwest Australian coast in 2007.
  • In 2004, NORIMC, a joint venture with China North Industries Corporation, was formed to participate in China’s domestic chemical shipping business. This collaboration was crucial to enhancing the chemical supply chain strategy.
  • In 2000, a joint venture between Unithai Shipyard & Engineering Limited and Clough (Thailand) Company Limited formed Clough-Unithai Engineering Limited (CUEL), with Asia Construction Limited (today’s Chevron) subsequently joining the partnership. CUEL is an engineering and fabrication company that builds and installs wellhead platforms to serve the Asian oil and gas industry. IMC took over CUEL as a 100% shareholder in 2021.
  • In 1999, two joint ventures were established in the marine & offshore engineering sector. The first was with Miclyn Express Offshore, and the second was with Svitzer. The goal was to offer services to Thailand’s oil and gas platform operations.
  • In 1996, Qingdao Ocean & Great Asia Transportation Co., Ltd, a freight forwarding company, was established through a joint venture with COSCO Logistics Qingdao.