South Korean feeder operator Korea Marine Transport Company (KMTC Line) and the state-backed finance institution Korea Ocean Business Corporation (KOBC) have jointly launched a container facility in Malaysia's Port Klang.
The KRW700 million (US$630,000) joint venture, KM Cargo Services, is tapping growing cargoes within Southeast Asia.
KMTC Line and KOBC hold respective stakes of 60% and 40% in KM Cargo Services, whose facility is based in the Port Klang’s Northports terminal.
Port Klang is a logistics hub that handles the most transhipped cargoes in Southeast Asia after Singapore and is one of KMTC’s frequent ports of call.
The JV was launched after KOBC and KMTC Line conducted local due diligence and feasibility studies after agreeing to enter the Southeast Asian ports and logistics market on 29 October 2019.
Martina Li
Asia Correspondent
