Hong Kong-based shipping firm Wah Kwong Maritime Transport has formed a new joint venture with Yingxing Financial Leasing (HK) to establish Hua Xing Shipping Co., officially launched on 9 October.

The venture will operate as a shipping investment platform and has placed an order for up to 12 ultramax bulk carriers of 64,500 DWT each at Wuhu Shipyard in China, Wah Kwong said in a LinkedIn post on Tuesday.

Wah Kwong said the collaboration brings together the strengths of ship operation, financial leasing, and shipbuilding, creating a model designed to boost long-term competitiveness and promote innovation in the maritime sector.

The signing ceremony was held in Wuhu and attended by Wuhu Mayor Xu Zhi, Vice Mayor Zhu Zi, and other local officials.