Zhuhai Port Shipping, the shipowning entity of Zhuhai Port, has announced a plan to form a shipping joint venture with Dalian-based owner Success Network.
Zhuhai Port Shipping will take a 51% stake and Success Network a 49% interest in the joint venture.
The new jv will acquire one secondhand 20,000 dwt multipurpose vessel and two 25,800 dwt newbuilding multipurpose vessels. Total investment on the vessels is around RMB191m ($30.17m).
According to Zhuhai Port, the vessels will mainly be deployed to transport steel products from Dalian to Zhuhai.
In December 2017, Zhuhai Port announced a major plan to establish a bulk fleet of up to 55 vessels for the domestic market, as part of its strategy to transform into an integrated logistics provider.
Success Network mainly operates bulk, breakbulk and container vessels with a fleet of over 40 ships.