South Korea’s Hanjin Transportation announced on Monday it pledged mutual cooperation with China’s AWOT Global Corp. to enhance its logistics businesses.
Hanjin signed on Nov. 9 a memorandum of understanding (MOU) for mutual logistics business activation with AWOT at the Chinese company’s conference room in Shanghai. Guangzhou-based AWOT is a specialized logistics company in China and the Asia-Pacific region with $3.78 billion in revenue and 50 global branch offices.
Both companies expressed their intention to establish a comprehensive cooperative relationship through the creation of a joint venture. The key focus is on sharing their logistics services and networks for the rapidly growing Chinese distribution platforms.
Hanjin will contribute its overseas network and logistics operational capabilities in forwarding and e-commerce. AWOT plans to provide competitive resources and freight rates in China’s air, sea, and domestic logistics.
Hanjin aims to continue expanding its global business centered around China, expecting to create new business opportunities through joint operations and securing new customers.