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Hyundai Merchant Marine Co., South Korea's No.2 shipping line, said Friday that
it has established a joint venture with a Chinese firm for a logistics center in
the world's second-largest economy.
The joint venture will build an
on-dock container yard in Qingdao which can handle 310,000 20-foot-equivalent
units (TEUs) annually, and other facilities to repair damaged
containers.
Hyundai Merchant said it will spend 11.6 billion won
(US$10.3 million) on the joint venture, and could earn $1 million a year by
providing a variety of logistics services.
The company added that it
plans to build other facilities in the center such as a refrigerated
warehouse.
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