Singapore logistics firm Cosco Shipping eyes Vietnam, Indonesia expansion
Cosco Shipping International (Singapore) is looking to invest further in Vietnam, Malaysia and Indonesia over the next three to five years as it anticipates rising demand in Southeast Asian trade.
Singapore-based logistics firm Cosco Shipping is targeting expansion in Vietnam and Indonesia, according to its president Jiang Kai. The company, a logistics arm of Chinese state-owned shipping giant China Cosco Shipping Corporation, currently generates about 87% of its consolidated revenue from its presence in Singapore and Malaysia.
Jiang expressed confidence in the Southeast Asian market, noting that despite recent global trade turbulence, manufacturing activity remains strong. The recovery in the region's dry-bulk shipping market, which transports industrial inputs like coal and iron ore, is expected to bolster the company's prospects further. Additionally, demand for specialized cargo shipping, including industrial machinery, automobiles, and new energy equipment, is on the rise as Southeast Asia continues to develop.
This growth has also led to an increase in logistics demand. Cosco Shipping International's revenue rose 6% to SGD96.8 million (US$76 million) in the first half, driven by higher contributions from logistics, ship repair, and marine engineering. The company is also investing heavily in Singapore with the Jurong Island Logistics Hub Phase II, its largest local project, set for completion in the fourth quarter of the year.
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