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Cosco sets up JV with Indonesian firm

(Xinhua)
Updated: 2008-04-18 15:39

Sea transport operator China Ocean Shipping Company (Cosco) is making efforts to win coal shipment contract from Indonesia by establishing joint venture with a local firm, a leading economic daily reported Friday.

Related readings:  COSCO profits surge by 300%  COSCO Shipping reports 2007 net profit up 84%  Export boom sends COSCO profits up 47%

Cosco has teamed up with Indonesia's PT Global Putra International (GPI) and the joint venture will buy up to 10 coal ships with the capacity of between 50,000 tons and 100,000 tons.

"Each ship has a price tag of $50 million to $100 million," GPI president Sumadi Kusuma was quoted by Bisnis Indonesia as saying.

"We established the joint venture to answer demands for coal shipment from Indonesia to foreign countries, particularly China," he said.

He and Cosco CEO Wei Jiatu have met with Transportation Minister Jusman Syafii Djamal to report the joint venture establishment, the daily said.

"We have handed over all documents to the government, who has the final say. We are confident the joint venture will become operational this year," said Sumadi.

The ministry has projected the need of 390 ships to meet the growing coal shipment, as the country's coal export is expected to hit 100 million tons by 2010.