Cosco and SIPG form transport JV with China's largest car manufacturer
Three Chinese companies are joining forces to ship cars. Cosco Shipping Specialized Carriers will work with Shanghai International Port Group’s SIPG Logistics and automotive manufacturer SAIC Motor’s Anji Logistics to create a dedicated car transport firm.
Cosco， SIPG and Anji Logistics will hold 42.5%， 37.5% and 20% stakes in the new joint venture respectively.
In a release， Cosco stated the plan was to use its own ships to begin with and then to expand the fleet via newbuilds， charters or buying existing tonnage.
SAIC Motor is China’s largest car manufacturer. It sold 5.27m cars last year and like SIPG and Cosco， it is state-owned.