Hyundai Marine forms logistics joint venture

Hyundai Merchant Marine, Hyundai Logiem, and SK Energy are teaming up to establish a joint shipping logistics company, reported Maeil newspaper.

CEO Suk-hee Lee from Hyundai Merchant Marine, CEO Jae-yung Park from Hyundai Logiem, and CEO Jung-joon Yoo from SK Energy R&M (Refining & Marketing) gathered at the headquarters of Hyundai Merchant Marine located in Yeonji-dong, Jongno-gu Seoul to sign the contract establishing the firm Netruck Franz on Wednesday.

Netruck Franz has a capital of US$8.4 million. The shares are divided 50:50, with SK Energy R&M taking one half and Hyundai Merchant Marine and Hyundai Logiem taking the other half.

Netruck Franz will manage shipping affiliates for container and bulk freights, while also taking care of logistics for commercial vehicles. The joint firm will make the most use of the extensive information network accrued by the three companies over the years to improve multilevel, impractical practices in freight cargo and reduce operations of empty vehicles through real-time supervision of freight and shipping vehicles.

Hyundai Merchant Marine will increase the efficiency of the integrated shipping services, while SK Energy will be benefiting from Hyundai Merchant Marine and Hyundai Logiem's land and marine shipping expertise to strengthen its freight information operations.
(Source:www.cargonewsasia.com)