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LX Pantos to Form Joint Venture with Sinotrans
- MOU signed for a Korea-Sino sea-air multimodal transport JV
- Combining bilateral strengths for cooperative expansion into global logistics
- Strategic partnership formed between leading Korean and Chinese logistics companies
On May 16, 2024, LX Pantos announced the signing of a memorandum of understanding (MOU) with Sinotrans Limited, China’s largest logistics company, aimed at establishing a joint venture and building a strategic partnership for a Korea-Sino multimodal transport business.
The MOU signing ceremony, held at the Sinotrans headquarters in Beijing, was attended by LX Pantos CEO Yong-ho Lee, Vice President Jae-Hyuk Eo, and Sinotrans General Manager Song Rong, Deputy General Manager He Fei, as well as other representatives from both companies.
Under the MOU, LX Pantos and Sinotrans have agreed to establish a joint venture specializing in Korea-Sino multimodal transport. This transport involves shipping cargo from China to Korean ports by sea and then forwarding it to North America and Europe via air transport from Incheon International Airport.
As e-commerce volume from China continues to rise, so too does the demand for Korea-Sino multimodal transport. According to Incheon International Airport Corporation, cargo volume handled by this mode reached 98,560 tons in 2023, a 43% increase year on year.
Both companies are now contributing their respective strengths to expand bilateral cooperation. LX Pantos will bring its extensive network of 380 global locations to offer total logistics services that encompass transportation, storage, and customs clearance in the Americas and Europe. For its part, Sinotrans enhances the partnership’s capabilities with its strengths in rail and truck transportation services across China and from China to Europe.
When discussing this MOU, LX Pantos CEO Yong-Ho Lee remarked, “Sinotrans is China’s largest logistics company and has been a reliable partner built on years of our cooperative experience. This MOU will reinforce our partnership and create strategic synergies in the global logistics market for our two companies.”
General Manager of Sinotrans Song Rong added, “LX Pantos has long been the leading Korean logistics company in terms of air cargo export volume, boasting an extensive global network. We are committed to pursuing strategic cooperation in the global logistics market based on our respective strengths.”
[Photo 1] LX Pantos CEO Yong-ho Lee (fifth from left) and Sinotrans General Manager Song Rong
(sixth from left) pose at the MOU signing ceremony at Sinotrans headquarters in Beijing.
[Photo 2] Representatives from LX Pantos and Sinotrans
at the MOU signing ceremony at Sinotrans headquarters in Beijing.