A new joint-venture of China’s largest ship manager and Hong Kong’s ship financing company, Continental Kapital Shipping Company Limited successfully hosted its opening ceremony and vessel naming ceremony for its two newly constructed cargo vessels in Shandong from August 20 to 21, 2024. The two events, held in Qingdao and Weihai, brought together key stakeholders, industry leaders, and dignitaries to celebrate a significant milestone in the cooperation between the mainland of China and Hong Kong’s maritime industries.        

The two vessels are state-of-the-art 62,000 DWT general dry cargo vessels designed by the Shanghai Ship Design and Research Institute. The vessels are highly versatile ships capable of transporting a wide range of goods, including paper and wood pulp products, metal products, large pipes, engineering components, packaged fertilizers and containers. The ships are scheduled to be delivered in the fourth quarter of 2024 and will be classified by the China Classification Society. Post-delivery, they will be chartered by COSCO Shipping Specialized Carriers Co., Ltd., with financing provided by China Merchants Bank Financial Leasing Co., Ltd.  

Mr. Kenneth Lam, Founder and CEO of SeaKapital, mentioned that the ships were the first two in a series of six multi-purpose vessels ordered by Continental Kapital. He noted that this series represented the initial collaboration between Continental Kapital, COSCO Shipping Specialised Carriers Co., Ltd., and China Merchants Financial Leasing Co., Ltd. Mr. Lam expressed his anticipation for further cooperation among the parties in the future, emphasizing their commitment to enhancing China's national shipping capacity and advancing its maritime economy.

Continental Kapital is a joint venture of Seacon, China’s largest and world’s top 10 ship managers, and SeaKapital which is an independent ship owning company, capital provider, and investment platform headquartered in Hong Kong. The company leverages its founders' extensive experience in shipping and maritime finance to provide capital and customised leasing solutions to global shipowners and operators. The two vessels represented a landmark cooperation project between Hong Kong and the mainland of China to jointly build and strengthen the entire value chain of China’s shipping industry.