Northport, Shin Yang and Harbour-Link sign strategic MoU
The strength of Northport, Shin Yang and Harbour-Link will be consolidated to jointly and effectively manage the shipping industry demands through strategic planning of resources.
KUALA LUMPUR: Northport (Malaysia) Bhd (Northport), Shin Yang Shipping Sdn Bhd and Harbour-Link Group Bhd, have signed a Memorandum of Understanding (MoU) to establish a strategic alliance called The East Malaysia Network or TEAM Network.
MMC Corporation Bhd in a statement here said, the MoU was aimed at achieving economies of scale through the sharing of resources such as vessels, terminals arrangements and networks.
“It is also expected to increase shipping service frequency through a scheduled alignment between Shin Yang and Harbour-Link. With the consolidation of vessel capacity between the two lines, the pact will create greater economies of scale with the optimised deployment of vessels and a wider port coverage. It will also result in a reduction of operating expenses as well as optimisation of capital expenditures for both shipping lines,” it added.
Meanwhile, Northport chief executive officer, Datuk Azman Shah Mohd Yusof said, the strength of Northport, Shin Yang and Harbour-Link would be consolidated to jointly and effectively manage the shipping industry demands through strategic planning of resources.
“Under the TEAM Network strategic alliance, Northport is expected to provide an efficient and effective port service and high terminal productivity. The alliance is also expected to benefit significantly from the synergies derived from within the MMC Ports’ group through its integrated logistics value proposition,” he added.
Northport, a subsidiary of MMC Port Holdings Bhd (a wholly-owned subsidiary of MMC Corporation) is involved in managing, developing and operating container ports and terminals in Malaysia.
Shin Yang Shipping is part of Shin Yang Group, a conglomerate based in Miri, Sarawak, which is involved in the domestic and international shipping, ship building, timber, property development, port to door logistics, haulage, warehouse, container depot, hotel, marine engineering, civil engineering and plantation.
Harbour-Link Group is a Bintulu, Sarawak-based conglomerate involved in integrated logistics, shipping and marine, engineering and construction, heavy lifting and haulage, and property development. — Bernama