Hong Kong-based shipowner Wah Kwong has partnered with China’s Yingxing Leasing and Wuhu Shipyard to establish a new joint venture, Huaxing Shipping. The venture has placed an initial order for twelve 64,500 dwt ultramax dry bulk carriers at Wuhu Shipyard. The collaboration is seen as a significant move towards integrating industrial manufacturing with maritime finance in China, and aims to support the development of a low-carbon fleet. The deal follows Wah Kwong's recent strategic cooperation agreement with Wuhu Shipyard and affiliated entities, which included the order of four ultramax vessels earlier this year.