22 August 2024
Qingdao, China (25 August 2024) – Continental Kapital Shipping Company Limited (“Continental Kapital”) launched the first two of what will be six. multi-purpose vessels with a total investment of HK$2 billion. The company is a 50:50 joint venture between a Hong Kong company, SeaKapital, and Seacon, a major mainland shipping service provider. The move showcases the amalgamation of Hong Kong’s ship financing and leasing capability with Mainland China’s comprehensive shipping services.
Continental Kapital is strategically positioned to elevate Hong Kong's standing as an international shipping hub and uphold China's leading role in the shipping industry. The partnership between the shipping groups of Mainland China and Hong Kong signifies the closer collaboration of the two sides which is expected to contribute to augmenting China’s endeavours to be a modern shipping power.
Ms. Sabrina Chao, a founder and Chairman of SeaKapital, said: “Setting up the joint venture not only supports the Central Government’s policy of promoting Hong Kong as an international shipping centre, but also enables Continental Kapital to leverage the numerous advantages offered by Hong Kong, in particular the city’s business fundamentals under the ‘one country two systems’ principle. The Hong Kong advantages provide a solid foundation for the partnership’ long-term and successful cooperation.”
Mr. Kenneth Lam, co-founder and Chief Executive Officer of SeaKapital, said: “I look forward to the increased collaboration among the different parties, including the vessels’ charterer COSCO Shipping and financier China Merchants Financial Leasing, in the future and to continue to contribute to China’s national shipping capacity and the development of its maritime economy.”
Speaking at the launching ceremony of the newly-built vessels, Leung Chun-ying, vicechairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said: “The Central Government's 14th Five-Year Plan supports Hong Kong to elevate its status as an international financial, trade, and shipping hub. As regards elevating Hong Kong’s shipping hub status, it means Hong Kong has to make inroads into high-end shipping services, in particular, Hong Kong has to leverage its unique advantage to support the development needs of the country to be a maritime and trading power.”
He said that the decision passed by the Third Plenary Session of the 20th Central Committee of the Communist Party of China called for improving shipping insurance underwriting capabilities and global service levels, and promoting innovation in the rules of the maritime arbitration system.
“As Hong Kong continues to improve its status as an international shipping centre, it can contribute to the country’s goal of developing into a modern shipping power.”
Describing the joint venture as “the perfect match”, Mr. Leung said: “The two vessels embodied Hong Kong’s important function as an international ship financing hub and aligned with the Chinese government’s strategy to develop Hong Kong as an international financial, trade and shipping centre”.
Mr. Guo Jinkui, Chairman of Seacon said: “The establishment of Continental Kapital not only represented an important milestone in the development and history of Seacon, but also a concrete manifestation of the deep friendship and common vision shared between SeaKapital and Seacon. As a Chinese company listed in Hong Kong, Seacon is proud to support the development of Hong Kong’s maritime industry”.
Established and headquartered in Hong Kong, Continental Kapital is a 50:50 joint venture between SeaKapital Holdings Limited (“SeaKapital”) and Seacon Shipping Group Holdings Limited (“Seacon”). Seacon is China's foremost professional ship management company. SeaKapital operates as a ship owning and leasing firm, a lease arranger and financial backer, and an investment vehicle.
The two-day launching ceremony was held in Qingdao and Weihai last week. The second day was the official naming ceremony of two 62,000 DWT general dry cargo vessels built at Huang Hai Shipyard in Shandong Weihai. Mrs. Regina Leung Tong Ching-yee, wife of Mr. CY Leung, and Mrs. Jean Lam Fang Suk-ming, wife of Mr. Kenneth Lam, served as ‘godmothers’ of the two ships and named the two vessels “COSCO Shipping Ji Xiang” and “COSCO Shipping Ru Yi” respectively. In accordance with long-standing nautical tradition, the naming ceremony involved the two godmothers breaking a ceremonial champagne bottle over the bows of the ships to ensure their future safety and prosperity.
About Continental Kapital Shipping Company Limited Continental Kapital Shipping Company Limited is a 50:50 joint venture between SeaKapital Holdings Limited and Seacon Shipping Group Holdings Limited established in Hong Kong. The company focuses on the acquisition, ownership, chartering, leasing, and management of various types of vessels, including multipurpose/heavy lift ships, chemical tankers, and dualfuel car carriers.
About SeaKapital Holdings Limited
SeaKapital Holdings Limited, founded in April 2023 by Ms. Sabrina Chao BBS JP, and Mr. Kenneth Lam, 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. Ms. Chao, a prominent figure in the maritime industry, has served as Chairman of Wah Kwong Maritime Transport Holdings Limited and President of The Baltic and International Maritime Council. Mr. Lam, with over 30 years of experience in ship financing, has served as Managing Director and Head of Asia Ship Finance at Crédit Agricole Corporate and Investment Bank. He is a National Committee Member of the Chinese People’s Political Consultative Conference and an Executive Member and Honorary Treasurer of the Hong Kong Shipowners Association.
About Seacon Shipping Group Holdings Limited
Seacon Shipping Group Holdings Limited (stock code: HK.2409) was established in December 2012 and successfully listed on the Hong Kong Stock Exchange in March 2023. Seacon is an integrated shipping service provider committed to providing customers with comprehensive one-stop shipping solutions across the maritime value chain. With over 200 vessels under its management, Seacon is the largest professional ship management company in China. The Company ranked ninth on the Lloyd’s List 2023 Global Top 10 Ship Management Enterprises and Managers and is the first Chinese company to be included on the list. Seacon controls more than 30 vessels, including bulk carriers and chemical tankers, with a total capacity of over 1.4 million DWT. Seacon is committed to expanding its fleet by purchasing newly built vessels that comply with the latest environmental conventions to build a green and sustainable fleet.