Teekay is set to exit its towage joint venture with Kotug in Australia after less than six years in operation.
The shipping behemoth said the two companies had concluded a deal in order to “re-shape KT Maritime Services Australia (KTM) from a 50/50 joint venture to a full subsidiary of the Kotug group”.
Teekay said it had decided to exit KTM to focus on its core Australian ship management, crewing and consultancy businesses.
