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Yun Lee Marine invests in New Legend for fleet expansion

yun lee marine
Hong Kong-based Yun Lee Marine Group has entered into a subscription agreement with New Legend to subscribe 51% equity interest at a price of HKD34.5m ($4.4m) in New Legend for expanding fleet capacity and exploring new business opportunities.

Upon completion, New Legend will become an indirect non wholly-owned subsidiary of the company.

The agreement will allow Yun Lee Marine to combine its fleet with that of New Legend, which comprises nine in operation and four newbuilds under construction, for the purpose of achieving fleet expansion and strengthening the group’s capacity to capture future business opportunities.

Yun Lee Marine is principally engaged in maritime services in Hong Kong including vessel chartering and related services and ship management. The company’s fleet mainly consist of tugs and work boats.

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