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.