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Logistics firm inks deal with Tangshan
By Winny Wang |
September 10, 2010, Friday
|
Print Edition
Print Edition
GRAND China Logistics yesterday signed a framework agreement with Tangshan Iron & Steel Group Co for the purchase and transport of steel.
Under the agreement, the logistics company, a subsidiary of China's fourth-largest aviation group HNA Group, will buy marine steel products from Tangshan, as well as offer its partner road transport and dock services.
The two sides are also considering cooperating on the international transport of iron ore and jointly forming a fleet of ships, said Sun Che, general manager of Grand China Logistics' shipping arm.
"Besides transport, our company can also offer steel plates for ship building to Jinhai Heavy Industry, a shipbuilder controlled by Grand China Logistics," said Yu Yong, chairman of Tangshan Iron & Steel. "We can also set up a processing and distribution center near the shipbuilder."
Grand China Logistics has total assets of more than 40 billion yuan, including 12 cargo planes and nearly 70 ships. Its revenue target for this year is 25 billion yuan (US$3.68 billion).
Jia Hongxiang, chairman of Grand China Logistics, said the company plans to introduce 25 new ships next year to increase dry bulk capacity as much as 3 million tons from the current 4 million tons.
The company is expanding its shipping business rapidly due to robust demand spurred by the growing economy. Last week, it signed a US$1.2 billion ship leasing contract with CDB Leasing in Shanghai.
Under the agreement, the logistics company, a subsidiary of China's fourth-largest aviation group HNA Group, will buy marine steel products from Tangshan, as well as offer its partner road transport and dock services.
The two sides are also considering cooperating on the international transport of iron ore and jointly forming a fleet of ships, said Sun Che, general manager of Grand China Logistics' shipping arm.
"Besides transport, our company can also offer steel plates for ship building to Jinhai Heavy Industry, a shipbuilder controlled by Grand China Logistics," said Yu Yong, chairman of Tangshan Iron & Steel. "We can also set up a processing and distribution center near the shipbuilder."
Grand China Logistics has total assets of more than 40 billion yuan, including 12 cargo planes and nearly 70 ships. Its revenue target for this year is 25 billion yuan (US$3.68 billion).
Jia Hongxiang, chairman of Grand China Logistics, said the company plans to introduce 25 new ships next year to increase dry bulk capacity as much as 3 million tons from the current 4 million tons.
The company is expanding its shipping business rapidly due to robust demand spurred by the growing economy. Last week, it signed a US$1.2 billion ship leasing contract with CDB Leasing in Shanghai.
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