Rotterdam, The Netherlands, November 1st, 2004
- Joint venture with Cosco Logistics
- Providing chemical logistics services
- Operational first quarter 2005
Vopak announces that Vopak North China B.V. will enter into a joint venture agreement with Cosco Logistics Company Limited on November 1st, 2004 to jointly form a chemical logistics services company in China. Vopak and Cosco Logistics will each own 50% of the joint venture company.
Under the agreement, Vopak will provide access to its 5 terminals along the Chinese coast with a total storage capacity of over 600,000 cubic metres and brings its current land-based chemical logistics services activities in China into the joint venture company. Cosco Logistics will make available the use of its 8 main warehouses with a total capacity of 450,000 square metres as well as its 1,300 trucks and 13 barges for dangerous goods for feeder services in the Yangtze River and Pearl River Delta.
The joint venture company will provide liquid chemical international freight management, domestic warehousing and delivery management services by means of road, rail and barge. The service to customers at the Vopak terminals in China is significantly enhanced by offering these tank terminal-plus activities, without Vopak having to invest in logistics assets such as trucks and barges.
The joint venture company will employ 31 people, will be operating out of Shanghai, Ningbo, Tianjin and Guangzhou and is expected to be operational in the first quarter of 2005 as well as profitable in its first year of operation.
Profile
Royal Vopak provides independent tank terminal capacity over the whole world to the chemical and oil industries for the storage of liquid chemical products and oil products. Related to this, Vopak also provides a wide range of value-added logistic services, such as tanker shipping, barging and warehousing, independently or in cooperation with strategic partners.
The company is divided globally into five market regions and operates a network of 72 tank terminals with a combined storage capacity of over 20.0 million m3 in 29 countries.
For further information, please contact:
Royal Vopak
Corporate Communication & Investor Relations
Dick Richelle
Telephone : + 31 10 4002777
E-mail : corporate.communication@vopak.com
Or directly in Asia
Jason Tan
Telephone : +86 2164310000 Ext 238
E-mail : Jason.tan@vopak.com
Web site : www.vopak.com
Profile
COSCO LOGISTICS, co-invested by COSCO group (the largest shipping company in China) and COSCO Pacific Co. Ltd. (the world's 5th largest container leasing company), is a modern logistics company with leading scale and strength of market, and the largest third party logistics Sino-foreign joint-venture in China, providing integrated logistics service to customers from six industries, namely Electronics, Automobile, Chemical, Power, Retail and Exhibition.
It has a network of 300 plus domestic offices and owned 1,357 vehicles, warehousing capacity of over 450,000 m2, container yards of over 1.54 million m2 and strong capability on multi-modal transportation, logistics solution design and fulfillment.
COSCO’s subsidiaries and agencies are represented in 1,300 ports in 160 countries worldwide. COSCO Logistics has made its footprint in Hong Kong, Japan, Korea, Singapore, U.S., Europe, Australia, Africa and West Asia.
For further information, please contact:
COSCO LOGISTICS
Products Logistics Division
Mr. Feng Ping
Telephone: + 86 10 64611188
FAX: + 86 10 84583325
E-mailfengping@cosco-logistics.com.cn
Web site : www.cosco-logistics.com.cn
