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Trading as Hongkong Salvage & Towage (“HKST”), the modern day HUD Salvage & Towage was established in 1973 when Hongkong & Whampoa Dock Company, then owner of HKST, merged with Taikoo Dockyard & Engineering Company to form Hongkong United Dockyards Limited, Hong Kong's largest marine engineering company.  The “small boat” fleets of the two dockyards were combined under the umbrella of Hongkong Salvage & Towage and the joint shareholders in HUD, Hutchison Whampoa and Swire Pacific, each takes a 50% shareholding in the business.

Today, Hongkong Salvage & Towage designs, owns and operates Asia's leading tug fleet.  Its harbour tugs operate in one of the world’s busiest container port, while the ocean-going tugs are on standby to offer emergency support whenever and wherever it is needed, and are actively seek employment overseas on contract terms.  It has attained ISO 14001 EMS accreditation and is the only Hong Kong-based member of the International Salvage Union. The fleet is Hong Kong's largest with 13 vessels totaling 50,800 BHP at an average age of less than 7 years, being one of the youngest tug fleets in the world. All vessels are constructed to meet UK, Hong Kong, and Australian specifications and regulations and all are classed with Lloyd's Register of Shipping.

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