KOREA's Hyundai Merchant Marine has opened a new US$16 million off dock container yard (ODCY) in Qingdao, China in a joint venture with Shandong Province Communication and Transport Group (SPCT), each with a 50 per cent stake.
The container yard is built on a 59,274 square metre site and is capable of handling 350,000 TEU per annum. The site comprises a container yard, container repair facility and logistics warehouse. Services include loading, unloading, storage and delivery through a one-stop service system.
In 2012, the South Korean logistics company entered the Chinese market by establishing a distribution joint venture, named, Shandong Jiaoyun Hyundai Logistics (SJHL), with state-run SPCT. The new container yard is the joint venture's first facility in China.
"The SJHL ODCY will be the leading logistics centre in the province. HMM will actively cooperate with the Shandong Province Communication and Transport Group to develop diverse business opportunities and drive growth," said HMM president and CEO CK Yoo at the opening ceremony attended by 100 guests.
The container yard is expected to achieve profits of $6.73 million annually, a company statement said.
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