Pacific International Lines (PIL) signed two Memorandum of Understanding (MOU) with two major China state-owned enterprise- China Merchant Port (CMPort) and China Machinery Engineering Corporation (CMEC) on Tuesday (Aug 16, 2016).
Former Senior Minister of State for Trade and Industry, Mr Lee Yi Shyan, China Ambassador to Singapore H.E. Chen Xiaodong, President of China Public Diplomacy Association and Former Foreign Minister, Mr Li Zhaoxing, SBF Chairman, Mr S. S. Teo and CEO Mr Ho Meng Kit were in attendance to witness the event.
The signing ceremony is another result to the One Belt One Road (OBOR) initiative proposed by Chinese President Xi Jinping in 2013.
Based on the principles of “forward-looking”, “bilateral development”, “mutual prosperity” and “collaborative success”, the strategic alliance with CMPort and CMEC are expected to boost business development and overseas projects in shipping, ports and logistics field, building a comprehensive strategic partnership.
Speaking at the signing ceremony, PIL Managing Director, Mr S.S.Teo said that the new collaborations are another testament on the potential benefits for businesses participating in OBOR.
The MOUs between PIL and CMPort will see both organisations prioritising each other as strategic partners to coordinate resource allocation and developing new markets through joint ventures partnership. This is expected to strengthen and deepen developments in region including Africa, South Asia and Southeast Asia. Both parties will further enhance their existing cooperations in China and jointly explore cold-chain logistics opportunities.
The partnership between PIL and CMEC see deepen collaboration in shipbuilding and logistical services in the Africa region. Both organisations will operate through joint shipbuilding, sub-leasing and vessels management, fully demonstrating CMEC pioneering advantage in the international engineering logistic field and overseas logistical network together with PIL’s strength in ship operations and management. This will invigorate the competitiveness for both companies in their respective markets.
Additionally, PIL and CMEC will also establish a joint venture company in Singapore to develop container depot, inland transport, and total logistics solutions in Africa region.
Pacific International Lines (PIL)
The Singapore based company incorporated in 1967 is ranked the world’s 16th top containership operator and one of the largest shipowners in Southeast Asia offering container liner services and multi-purpose services at over 500 locations in 100 countries.
PIL owns and operates with a fleet of more than 160 modern vessels. PIL has a significant presence in Far East, Africa, Americas, Europe, Middle East, Indian sub-continent, Oceania and Southeast Asia.
Beside its core business in liner shipping, the group has several business units including container manufacturing, shipping fund/trust, ship recycling, marine service, real estate, depots and logistics services. Through one of PIL’s subsidiaries, Singamas Container Holdings Ltd, listed on the Hong Kong Stock Exchange, is the world’s second largest container manufacturer with 10 container factories and operates 8 depots in China.
Building on “Our Promise, Your Satisfaction”, PIL strives to build strong and long-lasting relationship with its customer through flexibility and personalized services.
China Merchant Port
China Merchant Port Holdings Limited (CMPort) is a state enterprise based in Hong Kong and engaged in a range of businesses such as port and related businesses. CMPort is China’s largest and world’s leading public port operator with an established port network along China’s main coastal. The enterprise also owns rights and investments in Hong Kong, Shenzhen , Ningbo, Shanghai , Qingdao, Tianjin, Xiamen Bay and Zhanjiang container hub port , and successfully expand to South Asia, Africa. Till date, CMPort has invested and operates 28 ports in 15 countries and regions. The organisation is striving to be a world-class integrated port service provider.
China Machinery Engineering Corporation
Founded in 1978, China Machinery Engineering Corporation (CMEC) is the first large engineering & trade company in China, and a member of China National Machinery industry Corporation. It is a conglomerate taking engineering contracting as its core business and integrating trade, R&D, and international service. On December 21st, 2012, CMEC was listed in the Hong Kong Stock Exchange.CMEC has always taken the leadership in the international contracting market, and, in particular, been recognized as “China’s First” in a number of international projects.
According to IPSOS report, CMEC ranked 4th in 2012 among Chinese contractors in terms of revenue from international power and energy projects worldwide.CMEC has extended its business reach to more than 150 countries and regions in the fields of international engineering contracting and international trade in general. The contracting business involves a broad range of areas such as electric power, transportation, electronic communications, housing & architecture, plant construction, environmental protection, mining and resource exploration.
Source: PIL