Wah Kwong orders up to 12 Ultramax bulkers via new joint venture

Wah Kwong has teamed up with China’s Wuhu Shipyard and Yingxing Leasing to launch Huaxing Shipping, a Hong Kong-registered joint venture. The new entity has placed an order with Wuhu Shipyard for four firm 64,500-dwt Ultramax bulk carriers, plus options for up to eight additional units.

The Ultramax orderbook remains the largest segment within the dry bulk sector. According to Xclusiv Shipbrokers’ latest monthly report, tonnage currently under construction corresponds to 24% of the active fleet, measured in dwt terms.

The three partners signed a co-operation agreement earlier this summer in Hong Kong, aiming to establish a full-lifecycle shipping ecosystem that integrates shipping operations, shipbuilding activities and financial services.

Wah Kwong currently operates a fleet of around 50 owned and chartered-in vessels, including bulk carriers, tankers and LNG carriers. In addition to the latest Ultramax project, the company’s orderbook includes four LNG carriers, two Aframax/LR2 tankers and four Ultramax bulkers, all being built at Chinese yards.

Last month, Wah Kwong also launched a separate joint venture with clean infrastructure developer NatPower Marine, focused on building and operating a dedicated electric shore power network.

The new entity, Wah Kwong NatPower Holdings, plans to develop grid-connected infrastructure at key locations in Hong Kong, with expansion plans across Greater China and other North Asian markets.