Chinese state-run shipping group Shandong Shipping has announced a plan to establish a new asset management company with Taiwanese owner Eddie Steamship.
The new company Shandong Shipping Asset Management Corporation will be registered in Hong Kong with a register capital of $5m. Shandong Shipping and Eddie Steamship will take 38% and 20% of the shares in the jv respectively. The remaining 42% will be held by an entity called Ocean Asset Shipping, which is still currently under planning, and its identity has yet to be revealed.
Shandong Shipping said the new unit will provide support to the company’s ship asset optimisation strategy and create new growth area for the company.
Last month, Shandong Shipping also set up a joint venture with ICBC Leasing for the financing of four bulk carriers.
Shandong Shipping currently operates a fleet of 17 vessels with another 13 newbuildings under construction. Eddie Steamship owns a fleet of three bulkers.