Nov 11 --Russia’s Fesco Lines has set up a joint venture company with Hong-Kong's Wallem Shipmanagement, to manage all the containerships with foreign flags owned by the carrier.

The carrier’s Hong Kong office explained to ci-online that the 20 boxships owned by Fesco has been changed the Russian flag to foreign flags, such as that of Cyprus, and it would be easier for a foreign shipmanagement firm to handle the day-to-day management of those ships.

"Our mother company will continue to manage the remaining 50 bulkers and tankers with Russian flags," said the carrier.