SITC, Qingdao port operator in cooperation deal

SITC said in a stock market announcement that the the agreement involved Qingdao Port International supporting SITC's "high-frequency, high density” sea freight logistics services in exchange for SITC directing more traffic to it.

The two parties also agreed to jointly participate in terminal, logistics and infrastructure investments and operations in Southeast Asia and mainland China as well as committing to cooperate with each other to actively look for suitable business cooperation projects in both overseas and domestic logistics markets, including ports and inland container depot and warehouse, shipping agency and extension services, port related ancillary services.

"The cooperation between the Company and Qingdao Port  International under the Strategic Cooperation Agreement was entered into by the parties with an aim to further strengthen the strategic cooperation between the parties in the port and logistics market, and to further expand areas of cooperation between the two parties so as to deepen the benefits of cooperation in order to generate greater returns to the shareholders of each of the Company and Qingdao Port International, respectively," said SITC.