TWO Asian marine giants, Singapore's Sembawang Corp and China Ocean Shipping Co (COSCO), have teamed up to build and run a container and freight depot near Shanghai.
According to Singapore's Business Times, the partners in the project are COSCO Shanghai and Cosem, a 50-50 joint venture between listed Sembawang Maritime and COSCO's listed vehicle COSCO Investment (Singapore).
They plan to form a joint venture company called Shanghai Cosem Container Transport.
The new company, with authorised capital of US$15 million, will be launched with paid-up capital of $6 million.
Cosem will hold a 40 per cent stake in the company, while COSCO Shanghai will control the rest.
'Cosem Shanghai will be the first of the Cosem group's network of container depot and container freight stations in China,' said Cosem chairman Wei Jiafu.