KOREAN Air, which claims to be the world's largest air cargo carrier, is strengthening its position China with the establishment of a new cargo terminal at the Tianjin Binhai International Airport through a joint venture with Sinotrans Air Transportation Development (Sinotrans Air), a unit of China's largest logistics company, Sinotrans Limited.
"Establishing a joint venture between the largest logistics companies in Korea and China is a significant milestone for the future development of both entities," said Korean Air CEO Yang Ho Cho at the signing ceremony in Tianjin. "Through the continuous investment, we aim to further develop this successful partnership."
A total of US$43.8 million will be invested in the new cargo terminal. Korean Air and Sinotrans Air will hold a 47 per cent and 20 per cent in the joint venture respectively. The rest will be held by Korea Airport Service (15 per cent), Hanjin Transportation Co Ltd (10 per cent) and Tianjin Dongfang Credit Investment Company Ltd (8 per cent).
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Source: schednet
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