Singapore-incorporated shipping company Pacific International Lines (PIL) has inked two Memoranda of Understanding (MOU) with the port operator China Merchant Port Holdings (CMPort) and the engineering and trade company China Machinery Engineering Corporation (CMEC), as part of the One Belt One Road initiative.
The strategic alliance between the three companies is expected to boost business development and overseas projects in shipping, ports and logistics fields, according to PIL.
“The MOUs between PIL and CMPort will see both organisations prioritising each other as strategic partners to coordinate resource allocation and developing new markets through joint ventures partnership. This is expected to strengthen and deepen developments in regions including Africa, South Asia and Southeast Asia. Both parties will further enhance their existing cooperations in China and jointly explore cold-chain logistics opportunites,” PIL said.
The strategic partnership between PIL and CMEC includes collaboration in shipbuilding and logistics services in the Africa region through joint shipbuilding, sub-leasing and vessels management.
Additionally, the duo also plans to establish a joint venture company in Singapore to develop container depot, inland transport and total logistics solutions in Africa.