Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
LX Pantos, KSA partner up to ship minerals from Indonesia
LX Pantos CEO Lee Yong-ho, front row second from left, and KSA CEO Kartika Hadi, front row second from right, pose with employees of both companies during a joint venture agreement signing ceremony at KSA headquarters in Jakarta, May 22. Courtesy of LX Pantos
By Park Jae-hyuk
LX Pantos, a global logistics service provider based in Seoul, signed a contract with KSA, an Indonesian shipping firm, to found a joint venture specializing in the transportation of coal and other minerals from the Southeast Asian country, the Korean firm said Thursday.
KSA ships nearly 80 million tons of coal, nickel and other minerals every year with its bulk carriers.
Their new joint venture plans to secure three barges this year to start shipping coal from an Indonesian mine. It will then secure additional vessels and transshipment facilities gradually.
Through the joint venture, LX Pantos seeks to expand its presence in the market for the transportation of various minerals, including nickel and lithium, as well as coal.
Indonesia is the world’s largest coal exporter, which also supplies the world’s largest amount of nickel and the second-largest amount of cobalt. Both nickel and cobalt are essential materials to produce electric vehicle batteries.
“Indonesia is a country of strategic importance due to its abundant key raw materials and significant growth potential,” LX Pantos CEO Lee Yong-ho said. “This joint venture represents a pivotal step in our expansion into the Indonesian resource logistics market.”