[photopress:STX_Pan_Ocean.jpg,full,alignright]STX Pan Ocean has established a subsidiary, Qingdao STX International Logistics, in Qingdao, Shandong, to extend global shipping network.
This is the fourth subsidiary based in China by STX Pan Ocean, following one in Hong Kong and Shanghai set up last year and another one in Qingdao last April.
The shipper’s new Chinese affiliate will operate as a third party logistics contractor involving shipments and delivery as well as cargo handling and ground transportation of containers.
China accounts for about 24 percent share of the global goods transport market.
STX Pan Ocean was established in 1966, and is Korea’s third-biggest shipping company running about 270 vessels. It now plans to look for other growth opportunities in Ningbo, Zhejiang Province and Tianjin with the company’s overall aim of achieving revenues of $5 billion by 2010 and becoming one of the world’s logistics leaders.
Source: Korea Times