On June 6, PJSC TransContainer and COSCO SHIPPING signed a memorandum on strategic cooperation on the margins of St. Petersburg International Economic Forum (SPIEF)-2019. The document was signed by Vyacheslav Sarayev, General Director of PJSC TransContainer, and Sui Jun, Deputy Managing Director of COSCO SHIPPING Lines Co.

The Russian railway operator and the Chinese sea carrier have agreed to set up a joint venture, which business and operational model shall be agreed upon by companies later.

The Russian-Chinese joint venture will allow both companies to pool resources to offer efficient and high-quality logistics services for the market. Within the framework of cooperation, the companies also intend to offer each other competitive rates of transportation tariffs, mutually use container fleet, develop multimodal services and attract new cargo flows.

"We expect that on the basis of the joint venture with COSCO we will create a single digital ecosystem, which will ensure uninterrupted delivery of goods in clear and precise timeframes," said Vyacheslav Sarayev on the day of signing.