Hong Kong shipowner Wah Kwong has teamed with China’s Yingxing Leasing and Wuhu Shipyard to launch a joint venture called Huaxing Shipping, with an initial order for 12 64,500 dwt ultramax dry bulk carriers at Wuhu.
“This landmark deal highlights China’s growing synergy between industrial manufacturing and maritime finance, driving the next wave of low-carbon fleet development,” the three parties stated in a release.
In July, Wah Kwong signed a strategic cooperation agreement with Wuhu, the largest builder in Anhui province, and its affiliated entities, including Yingxing Leasing and Anhui Haizhi Equipment Research Institute, which led to the Hong Kong owner placing orders for four ultramaxes there in August.
Under Hing Chao, Wah Kwong has diversified by forming many joint ventures. For instance, earlier this year it joined up with tNatPower Marine to roll out large-scale shore power and vessel charging infrastructure across Asia. In March this year, Wah Kwong teamed up with Chinese clean energy producer CIMC ENRIC to offer green methanol bunkering solutions in southern China’s Greater Bay Area and across Asia.
