Chu Kong acquires majority stake in First Ferry

Chu Kong Shipping Enterprises has taken a 60% stake in local ferry operator New World First Ferry Services for HK$232.8m from parent company NWS Holdings. NWS Holdings will retain the remaining 40% stake

 

Established in 1999, NWFF runs five inner harbor and outlying island ferry routes in Hong Kong. In its last full year of business, the company earned a net profit of HK$30.3m, 27% fall from its 2018 result.

 

CKE has long experience in running cross-border high speed ferry services from Hong Kong to Macau and eight routes from the territory to destinations along the Pear River Delta. In an exchange filling yesterday, the company explained that NWFF would further complement its existing business, which also includes logistics, and enhance the group’s competitiveness in passenger transportation business.

 

“The goal of this partnership with NWS is to further enhance the service quality of the ferry industry,” the company said in the statement.

 

The move comes as Hong Kong’s Transport Department has invited tenders for the operation of six licensed ferry services for outlying islands, including the five currently operated by NWFF, from 1 April 2021. The most recent licensing agreement includes a number of sweeteners including the continued provision of  “Special Helping Measures” to ensure fare stability, and a new vessel subsidy scheme.

 

Source:hongkongmaritimehub

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