Korean Air, the world’s largest commercial cargo carrier in terms of FTK (freight ton-kilometers) volume, is strengthening its position in the China market with the establishment of a new cargo terminal at the Tianjin Binhai International Airport through a joint venture with Sinotrans Air Transportation Development of China.
“Establishing a joint venture between the largest logistics companies in Korea and China is a significant milestone for the future development of both entities,” said Yang Ho Cho, Chairman and CEO of Korean Air at the signing ceremony in Tianjin on Wednesday. “Through the continuous investment, we aim to further develop this successful partnership.”
A total of US$ 43.85 million will be invested in the new cargo terminal. Korean Air and Sinotrans Air will hold a 47% and 20% stake in the joint venture respectively. The rest will be held by Korea Airport Service (15%), Hanjin Transportation Co., Ltd. (10%), and Tianjin Dongfang Credit Investment Company Ltd. (8%).