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.