Dry CargoGreater China

U-Ming and ITG inject cash into joint venture

Taiwanese bulker operator and Xiamen-based ITG Group are going to replenish capital into their joint venture ITG U-Ming Shipping.

U-Ming will inject around $20.3m new capital into the jv while ITG will replenish capital into the jv as well according to its stake. Following the new investment, ITG and U-Ming will remain their 51% and 49% shareholdings in the company.

U-Ming set up the joint venture with ITG in 2018 with aims to expand in the China mainland coastal market, mainly operating chartered vessels.

U-Ming currently owns around 40 bulk carriers with another six newbuilding on order.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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