SIMIC

THE world's largest tugboat operator Boluda Towage has made an investment in Hongkong Salvage and Towage Services Limited (HKSTS), a new joint venture formed as a member of CK Hutchison Holdings and its principal services include salvage and towage and marine project management business.

Through this new collaboration, Boluda will be able to expand its business portfolio into Asia and enhance HKSTS service offerings of salvage and towage services, benefiting both companies, business customers, and the maritime industry, reports Singapore's Splash 247.



The collaboration signifies both companies will join forces to develop business opportunities with innovative solutions, supported by Boluda's fleet of over 700 vessels and Hutchison Ports' network of 54 ports in 25 countries.



"Boluda's entry into the Hongkong Salvage and Towage Services Limited partnership has been a unique and formidable opportunity to strengthen Boluda Towage in the Asian continent and especially in one of its main ports, Hong Kong," said Vicente Boluda, chairman of Boluda Corporacion Maritima.



"Boluda is recognised as a global leader in maritime services. Its extensive experience in tugboat services will boost our salvage and towage capabilities, creating a strong alliance that will benefit our customers in terms of integrated service offerings," Eric Ip, group managing director of Hutchison Ports, added.