The four companies - Taiwan Power Co (Taipower), U-Ming Marine Transport Corp, K Line, and Kuang Ming Shipping Corp – have inked a Memorandum of Understanding(MoU) to form a new joint venture to own coal and LNG carriers for the transport of raw materials for Taipower.
The joint venture is scheduled to start business in October 2020 with Taipower holding a 40% stake, U-Ming 32.5%, Kuang Ming 20% and K Line 7.5%. The joint venture will have paid up capital of TWD$1bn ($32.2m). The joint venture will be located in Taipei.
K Line said it would provide know-how in ship management and safe ship operations to the joint venture.