U-Ming pumps $20m into Chinese bulker joint venture

Taiwan's U-Ming Marine Transport and Chinese partner Xiamen ITG Group are putting fresh cash into a groundbreaking bulker joint venture.

The Taipei-listed bulker owner said it was buying more new shares in ITG-Uming Shipping at $1 each for $20.3m.

U-Ming will maintain a 49% shareholding, which is worth 3% of the group's total assets. ITG still has the rest of the venture, suggesting it will invest a slightly larger amount.