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STX Pan Ocean, a leading shipping company in Korea, announced today (January 10) the official opening of its subsidiary in Hong Kong. The establishment of STX Pan Ocean (HK) Co. Ltd. (䩕STX HK蒅) is a strategic step in the company﷿s global network development.
The President of STX Pan Ocean Seoul, Mr J.C. Lee, explained the company﷿s decision to strengthen its direct presence in Hong Kong. 䩕We consider Hong Kong as the centre of international shipping and logistics," he said. "The Pearl River Delta (PRD) is one of the biggest areas for production and logistics in China, with 80% of export and import cargo from this region handled through Hong Kong. Therefore, it is natural for us to set up a base here to manage business activities in Hong Kong and the PRD.蒅
STX HK will primarily engage in enhancing the company﷿s sales capabilities to recruit long-term and stable customers. It will also be responsible for providing container-related services and investing in terminal businesses in the region.
Established in 1966, STX Pan Ocean is the leader in Korean marine transportation. It operates 270 vessels, covering major ports around the world. The company recorded net sales of US$2.8 billion in 2005. According to Mr Lee, STX Pan Ocean aims to achieve revenues of US$5 billion by 2010. The company will restructure its business portfolio with active expansion of the number of fleets, operating vessels and its global network.
䩕We plan for STX HK to become the leading subsidiary of STX Pan Ocean. In addition, we will actively grow our local business in China, through leveraging the complementary advantages of Hong Kong and Shanghai,蒅 Mr Lee said.
STX HK will cover the southern part of China focussing on the PRD, while STX Shanghai will operate in northern China with an emphasis on the Yangtze River Delta.蒅
Committed to become one of the top shipping companies in the world, STX Pan Ocean will continue to expand its investment in Hong Kong and in the region. Invest Hong Kong has rendered assistance to the company throughout its expansion process.
The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, welcomed STX Pan Ocean﷿s decision to use Hong Kong as its regional base for South China. 䩕We are delighted to see the addition of another key player to our shipping sector. The tremendous growth in the PRD creates huge opportunities for the transportation and logistics sectors. The strategic location and world-class infrastructure and services that Hong Kong offers make our city the first choice for international shipping companies to set up their regional base,蒅 he said.
䩕Our transportation team at Invest Hong Kong will continue to work closely with STX HK to facilitate their expansion in our city and in the region through the base here.蒅
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Tuesday, January 10, 2006
Issued at HKT 16:01
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