Northport, Shin Yang and Harbour-Link sign MoU
KUALA LUMPUR: Northport (Malaysia) Bhd, 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 Corp Bhd, in a statement, said the MoU was aimed at achieving economies of scale through the sharing of resources, such as vessels, terminals arrangements and networks.
“It is expected to increase shipping service frequency through a scheduled alignment between Shin Yang and Harbour-Link.
“With the consolidation of vessel capacity, 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 and optimisation of capital expenditures for both shipping lines,” it added.
Northport chief executive officer Datuk Azman Shah Mohd Yusof said the strength of Northport, Shin Yang and HarbourLink would be consolidated to effectively manage the shipping industry demands through strategic planning of resources.
“Under the strategic alliance, Northport is expected to provide an efficient and effective port service and high terminal productivity. The alliance is expected to benefit from the synergies derived from within the MMC Ports group through its integrated logistics value proposition,” he added. Bernama