Hong Kong-based Wah Kwong Maritime Transport, a family-owned integrated shipping company, managed by the third generation of the Chao family, has announced the creation of a joint venture, giving life to a new entity.
The shipowner Wah Kwong Maritime Transport has joined forces on October 9 with Yingxing Financial Leasing (HK) Co. Ltd to launch a new venture named Hua Xing Shipping Co., Ltd.
The joint venture will operate as a shipping investment platform and has ordered twelve (4+4+4) 64,500 dwt ultramax bulk carriers at Wuhu Shipyard.
According to a released statement in social media by Wah Kwong, the partnership creates an innovative business model by integrating the complementary strengths of ship operators, financial leasing, and shipbuilding, fostering synergistic collaboration across the industry.
Hing Chao-led Wah Kwong Maritime Transport Holdings Limited own, and jointly own through joint venture arrangements, a fleet of mid to large sized bulk carriers, tankers and small pressurized LPG carriers.
Established in Hong Kong in 1952 by T.Y. Chao, Wah Kwong currently has four main business streams – ship owning, ship management, dry bulk operating and energy, serving customers and partners in China, Asia and Europe.
