Manila: Maersk has formed a joint venture with the Philippines' largest domestic shipping company, Aboitiz Transport System, to offer container shipping services in the country, reports the Shipping Times. Representing Maersk in the joint venture are Singapore-based feeder service Maersk's MCC Transport Singapore and Maersk's Philippine subsidiary, Maersk's Mercantile Ocean Maritime Co (Filipinas) Inc. The joint venture company, MCC Transport Philippines Inc, will have a paid-up capital of 25 million pesos (S$836,000).
Maersk MCC Transport Singapore will be the dominant partner, contributing 40 per cent of the capital, while Maersk Mercantile will have a 27 per cent share. Aboitiz Transport will have a 33 per cent share in the venture.
The joint venture will take delivery of its first 600 teu container vessel in June. The vessel, which will be operated by Aboitiz Transport, will offer a regular weekly service to the ports of Manila, Cebu and Cagayan.
This will be the largest dedicated container vessel operated by Aboitiz Transport, which normally carries cargo between islands. The two Maersk partners are regional short-sea operators fully owned by Maersk Singapore and are members of the AP MollerMoller-Maersk group of companies. [05/06/07]
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