MANILA, Philippines—Listed Lorenzo Shipping Corp. (LSC) has partnered with the Magsaysay shipping group to form a new company that will provide all the cargo handling needs of both groups in various ports around the Philippines.
In a disclosure, LSC said it would own half of the new joint-venture company called One Team Services Inc.
Its partner NMC Container Lines Inc., engaged mainly in interisland cargo shipping, will own the other half.
No other details about the new company were disclosed.
NMC Container Lines Inc. is a shipping company under the Magsaysay Transport & Logistics Group.
It makes port in major terminals in the country, namely Batangas, Manila, Cebu, Cagayan de Oro, Davao and General Santos.
“One Team Services shall develop competencies to eventually handle the cargo-handling requirements of LSC and NMC in various locations in the Philippines, including the management of container yards and related support services,” the disclosure read.
LSC said the new company would help the company cut expenses and make its operations more efficient in the long run.