The world’s third-largest container transportation and shipping company, American President Lines Ltd. (APL) recently announced the proposed acquisition of the book of business of their sister company, the leading Intra-Asia carrier, Cheng Lie Navigation (CNC).
Upon the completion of the acquisition, APL will consolidate all their Intra-Asia business under the CNC brand to be operated from Singapore, keeping both sales channels and all sales networks.
Chief Executive Officer for APL, Nicolas Sartini said, “This strategic move will enable us to become the Intra-Asia Champion with the most comprehensive market connectivity in the Far East. With complementary market footprints, the combined portfolio of services is set to shore-up our relevance in the economically-thriving Asia through the CNC brand ahead.”
They are currently 15 APL and 50 CNC weekly services that serve the strategic key markets from North Asia to Southeast Asia along the Far East corridor. The combining of the networks will complement each other and provide one the most comprehensive networks in Intra-Asia.
CNC has substantial foothold throughout Asia that includes Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand, and Vietnam.
Mr. Sartini went on to say, “We have ambitious volume targets and market development plans for Intra-Asia that we will seek organically and via strategic acquisitions. As the Intra-Asia specialist, we will continue to customize our portfolio of services according to shippers’ demand and where the markets will shift tomorrow.”