PSA, GUANGZHOU PORT SET UP 3PL VENTURE
The Singapore-based ports group PSA Corp. and a subsidiary of China’s Guangzhou Harbor Bureau are setting up a joint venture company to provide third-party logistics services for multinational companies in South China.
The venture will also operate container depot services.
An agreement to found Guangzhou-PSA Logistics Co. Ltd. was signed by PSA affiliate PSA China Pte. Ltd. and by Guangzhou Container Comprehensive Development Co. Ltd., a subsidiary of Guangzhou Harbor Bureau.
The 50-50 joint venture company will have an initial investment of $5 million.
PSA and the Guangzhou Harbor Bureau recently announced a plan to set up a container terminal joint venture in the port of Guanzhou.