Hing Chao, executive chairman at Wah Kwong Maritime Holdings
Hong Kong’s Wah Kwong Maritime Holdings is employing a subsidiary to create a joint venture company with subsidiaries of ship leasing firm CSSC (Hong Kong) Shipping and China Gas Holdings to acquire two new LNG carriers.
The JV will establish two vessel-owning vehicles to order the ships from a third-party shipbuilder. Vantage, a subsidiary of Wah Kwong will hold a 45% stake in the new venture, with 30% attributed to China City Gas, and 25% to CSSC Shipping.
Upon delivery, the vessels will be chartered in by Gas Hongda Energy Trading, a subsidiary of China Gas holdings, for a period of 20 years at a daily rate of US$80,000 – US$100,000.
Source:
Hong Kong Maritime Hub
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