On May 26, SITC International hosted a ceremony in Qingdao for signing of a strategic cooperation agreement with Qingdao Port International Co., Ltd. (“Qingdao Port International) to further strengthen the strategic cooperation in the port and logistics market.

  Pursuant to the agreement, the signing parties have agreed that: (i) Qingdao Port International will support SITC’s provision of “high-frequency, high density” sea freight logistics services and SITC will treat Port of Qingdao as its preferred choice for container loading and unloading; (ii) leveraging the respective strengths, both parties shall jointly participate in terminal, logistics and infrastructure investments and operations in Southeast Asia and mainland China; and (iii) SITC commits to cooperate with each other to actively explore 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. This strategic cooperation agreement has a term of 5 years.

  Qingdao Port International is a primary operator of Port of Qingdao and operates four port areas in Qingdao, mainly engaging in handling of different types of cargoes such as containers, metal ore, coal and oil and provision of ancillary services, logistics and port value-added services, port ancillary services and financial services.

  Mr. Yang Shaopeng, Chairman of the Board and Executive Director, said: “Signing of this strategic cooperation agreement will enable ourselves and Qingdao Port International to leverage our respective strengths, resources and expertise and provide value-added services to customers, which will be beneficial to business development of SITC and Qingdao Port International.”