Chinese eCommerce platform Alibaba last year bought just over 10% of Singapore-based ocean liner operator Transfar Shipping, reports PYMNTS.
Alibaba’s Deal
Chinese eCommerce platform Alibaba last year bought just over 10% of Singapore-based ocean liner operator Transfar Shipping, which sails between China and the west coast of the U.S.
Zhejiang Cainiao Supply Chain Management Co, a unit of Alibaba logistics-focused subsidiary Cainiao, bought a 10.33% stake in Worldwide Logistics Group in September 2020.
About Transfer shipping
“Transfar is also carrying cargo from its other customers, and Alibaba’s cargo only makes up part of its total volumes,” said Linerlytica analyst Tan Hua Joo. “Retailers are using various means to secure cargo space, but there are only very limited instances where they have chartered their own ships.”
Transfar agreed in August to charter container ship Martinique from Zeaborn Ship Management for two to three months, and the Minna from Peter Dohle for five months for $150,000 per day. Martinique collected cargo in Shanghai, Qingdao and Yantian before heading to Long Beach, California.
Transfar also chartered Filia T from Lomar Shipping for three to four months starting in September at a daily rate in excess of $100,000. Filia T and Minna are assigned to intra-Asia routes, the former carrying goods from Nansha to Jakarta International Container Terminal on Oct. 5 before going to Yantian port.
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Source: PYMNTS
