MOL Logistics subsidiary begins operations in Shanghai bonded zone

MOL Logistics subsidiary begins operations in Shanghai bonded zone

   MOL Logistics (Japan) Co. Ltd., part of MOL, a Japanese transportation company, said it has started MOL Logistics (WBLZ) Co. Ltd., a subsidiary established in Shanghai's Waigaoqiao Bonded Logistics Zone (WBLZ).

   That area is a project backed by the Chinese government and the city of Shanghai as a trial for an advanced free trade zone. MOL Logistics decided to join the project in March, creating MOL Logistics (WBLP). The name was subsequently changed after the Waigaoqiao Bonded Logistics Park was renamed Waigaoqiao Bonded Logistics Zone.

   China's conventional bonded zones have been unable to process cargo for export because documentation for value-added tax refunds weren't issued until cargo was actually loaded aboard vessels.

   'In this trial cargo operation, the customs office issues the documentation two days after bringing the cargo into the WBLZ,' MOL Logistics said in a statement.

   Preston Lui is president and chief executive officer of MOL Logistics (WBLZ) Co., Ltd. Mikio Okame is chief operating officer.