 |  |
| Contact: | Contact: |
| Michelle Lu, Hutchison Port Holdings | Janet So, COSCO |
| Tel: 852-2619-7557 | Tel: 852- 2802-0883 |
| Fax: 852-2612-0083 | Fax: 852-2802-0933 |
| E-mail: gca@portsnportals.com | E-mail: janet@cosconetwork.com |
[Hong Kong, 11 May, 2000] Portsnportals.com Limited (http://www.portsnportals.com), the e-commerce operations of Hutchison Port Holdings (HPH), and COSCO Network Limited ("COSCO Network"), a member of the China Ocean Shipping Group Company (COSCO), announced that they have signed a Memorandum of Understanding expressing their intention to form strategic alliance between the parties in providing logistics solutions and transportation services via internet-based online open transport exchange. This strategic alliance has been facilitated by BOCI Asia Limited.
The Group Managing Director of HPH, John Meredith said, "This strategic alliance will utilize both our IT experience and expertise in the transport industry to promote e-commerce services to the global logistics and transportation market. The partnership with COSCO, one of the world's largest shipping companies, will benefit the transport community"
Wei Jiafu, Chairman of COSCO was delighted about the partnership opportunity. "The alliance is a major step forward in streamlining the integration of the logistics and transportation services industry. The services will initially cover the vertical market of the shipping industry with plan to expand to other industries."
Notes to Editor
About Portsnportals.com
Portsnportals.com, the e-commerce operations of Hutchison Port Holdings, is dedicated to helping businesses adapt to the future of global trade by transferring information across a vast expanse of the Internet.
About COSCO Network
COSCO Network is dedicated to offering an end-to-end logistics exchange platform for the transportation industry, the provision of communications services enabling customers to participate in the exchange platform and the provision of a payment gateway.
About Hutchison Port Holdings (HPH)
HPH is an independent port investor, developer and operator with global interests in Asia, Europe and the Americas. Today, HPH operates a total of 120 berths in 18 ports along with a number of transportation related service companies. With industry recognized core competence in effectively and efficiently managing and operating container ports, the HPH Group handled over 17.9 million TEUs (Twenty Foot Equivalent units) in 1999.
About China Ocean Shipping Group Company (COSCO)
COSCO, one of the global leaders in transportation and logistics services, has operations in shipping, air freight, ground transportation, warehousing, and port facilities in China and globally with operations linking over 1,200 ports and 150 cities and regions worldwide.
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