Boluda Towage (Boluda), the world's largest tugboat operator, is expanding its presence in Asia and has announced a strategic investment in Hongkong Salvage and Towage Services Limited (HKSTS), a new joint venture formed as a member of CK Hutchison Holdings.

HKSTS is a joint venture set up to carry out salvage and towage operations in Hong Kong and nearby waters.

The announcement said through this collaboration, Boluda would 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.

A signing ceremony has been held to commemorate the special occasion and attended by the senior management teams of Boluda and Hutchison Ports.

"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, vice chairman of Boluda.

"We thank our new partners for the trust they have placed in the Boluda family to be associated with the towage business in Hong Kong."

Commenting on the partnership with Boluda, Eric Ip, group managing director of Hutchison Ports, said, "We are very pleased with this major strategic and complementary partnership," adding that 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," Ip added, noting that HKSTS is excited to join the Boluda family.

"We look forward to working with our partner throughout our network of ports," Ip said.

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.