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Cosco buys into Jakarta container logistics firm

Cosco buys into Jakarta container logistics firm

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Cosco’s Singapore-listed subsidiary is buying into an Indonesian logistics provider as it diversifies fresh from group restructuring which saw its shipyard business relocated back to Chinese soil.

Cosco Shipping International (Singapore) is buying of a 40% stake in PT Ocean Global Shipping for $10.24m

Jakarta-based Ocean Global Shipping is involved in logistics, container management, ship agency, chartering and bunkering.

Cosco said the acquisition marked an opportunity to develop further in the logistics sector in Southeast Asia.

With Jakarta increasingly coming onto the map in the main east-west trades, this strategic investment lends China’s largest carrier a solid presence on the ground within Southeast Asia’s largest nation.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. chan
    November 3, 2017 at 9:21 am

    Cosco also buy Singapore logistic company Cogent too! at SGD 1.02 /share.