Elite Cruises could start service from Qingdao, China, by the end of this year, adding another player to a dynamic Chinese cruise market. 

The Singapore-registered company has signed a cooperation deal with Wuchang Shipbuilding Industry Group Company, a subsidiary of China Shipbuilding Industry Corporation, eyeing the potential of locally-built luxury and expedition ships.

Elite was registered in Singapore in 2016 for for the purpose of cruise-ship building and cruise operations management, according to local sources.

Now, after building up an international team in Singapore, the company said it has identified a second-hand cruise ship to acquire in hopes of entering the Chinese domestic market.

Chairman Lei Zhang said he plans to acquire at least three ships from major cruise lines. Long term, he wants to build ships in Qingdao.

Elite is said to have financing in place to the tune of $80 million.

Plans are centered around Qingdao, where the company plans to open a headquarters and operators center, as well as a crew training school.