Cosco Shipping Specialized Carriers, a unit of Cosco Shipping Group, has announced plans to set up a joint venture with SAIC Anji Logistics, the shipping subsidiary of car maker SAIC Motor.
The company believes the joint venture, which will be registered in Hainan, will promote the development of the company’s car carrier business.
Cosco and SAIC Anji will each occupy 35% and 65% shares in the joint venture respectively.
Cosco currently owns five car carriers, while SAIC Anji operates a fleet of 25 car carriers.
Like Cosco, SAIC, formerly Shanghai Automotive Industry Corporation, is state-owned. It is one the big four state-owned Chinese automakers.