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1st Chinese Newbuilding Joint Venture between Wah Kwong and Sank

1st Chinese Newbuilding Joint Venture between Wah Kwong and Sank

First Chinese Newbuilding Joint Venture between Wah Kwong and Sanko: US$100 million  investment

A team from Ince & Co’s Hong Kong office has acted for The Sanko Steamship Co, Ltd (“Sanko”), one of the oldest shipping companies in Japan, in its first Liberian registered newbuilding joint venture with Wah Kwong Maritime Transport Holdings Limited (“Wah Kwong”) of Hong Kong. 

Building on their long standing 30-year relationship, Sanko and Wah Kwong, both already significant players within the VLCC (Very Large Crude Carrier) market, agreed to invest in aggregate more than USD100m into the joint venture in order to each acquire a 50% stake in the approximately USD140m very large crude carrier (VLCC).  The 298,000 dwt tanker, which is currently under construction at Dalian Shipbuilding in China, is scheduled to be delivered in 2011 and will be Hong Kong flagged.  This deal marks an important first for Sanko as it is the first time it has ordered a tanker from a Chinese shipyard.  The state-owned yard is the premier VLCC yard in China and does not have the issue of refund guarantees and component shortages affecting private shipyards.

Ince & Co’s lead partner, David Beaves, said: “It was a pleasure to be able to work on this joint venture involving parties from Hong Kong, Japan and Mainland China with such a fantastic history of working together.  The active co-operation between the parties meant we were able to complete and sign the necessary documentation in a very short space of time.”

David Beaves was assisted by Gary Wong and Ronald Wang.  The team advised Sanko in the joint venture and prepared all documentation in respect of the joint venture and other related matters.

 

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