Singapore's APL has announced the acquisition of its sister company Cheng Lie Navigation (CNC), which will be surviving brands in the intra-Asia market.
With this, APL will consolidate all its intra-Asia business under the CNC brand to be operated from Singapore, retaining both sales networks and all sales channels, said the company announcement.
'This strategic move will enable us to become the intra-Asia champion with the most comprehensive market connectivity in the Far East,' said APL chief executive Nicolas Sartini.
'The combined portfolio of services is set to shore-up our relevance in the economically-thriving Asia through the CNC brand ahead,' he said.
Today, there are 15 APL and 50 CNC weekly services that serve the key markets from North Asia to Southeast Asia along the Far East corridor.
Complementing each other, their combined network will offer one of the most comprehensive networks in intra-Asia. CNC has a significant presence across Asia including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand and Vietnam.
'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 customise our portfolio of services according to shippers' demand and where the markets will shift tomorrow,' said Mr Sartini.