Highspeed Group has signed an agreement with Japan's Mitsui OSK Lines, known as MOL, to start direct shipping business in Bangladesh from January next.
“The Bangladesh-Japan joint-venture, first ever in shipping sector, aims to provide competitive and premium shipping services to Bangladeshi traders,” said Mahmudur Rahman, chairman of HighSpeed Shipbuilding and Engineering.
“The direct operation of MOL from Bangladesh will definitely help improve the overall shipping services in the country,” Rahman said at a function on Monday marking the 47th anniversary of Highspeed Group at its shipyard at Fatullah.
Under the agreement, HighSpeed's sister concern Bird Bangladesh Agencies Limited will own 70 percent stake in the venture and MOL the rest.
MOL will launch a couple of new vessels on the feeder lines such as Chittagong-Singapore, Chittagong-Colombo and Chittagong-Port Kelang.
The Japanese company will employ some officials from its country to ensure efficient services.
MOL is the leading shipping line in Japan, which mainly carries iron ore and crude oil products for the Japanese market. It is also famous for car, dry cargo and container carrying business.
This company was founded in 1964 following the merger of Osaka Shosen Kaisha (OSK) and Mitsui Steamship, formerly Mitsui Line.
The company's total assets stood at 2000 billion yen at the end of September.
“MOL's superb business expansion was possible as the company increased its vessels and investment in other infrastructures,” Mahmudur Rahman added.
Hossain Zillur Rahman, commerce adviser, Masami Tamura, counsellor for development cooperation affairs, Japan Embassy, Dhaka, Captain Kamal, general manager of HighSpeed Group, Prof Kabirul Haq Chowdhury of Bangladesh University of Engineering and Technology (Buet) and Mominul Islam Patwari, chairman of Islami Bank attended the anniversary programme.
Hossain Zillur hoped that the shipping cost would come down, as the venture with MOL in Bangladesh would bring solid competition among the shipping lines.
The adviser also assured the shipbuilding sector of continued government support.
“The country has a long history of manufacturing ships. And now an opportunity has come to regain the reputation and establish Bangladesh as a major shipbuilding country,” Hossain Zillur said.
However, he reminded the shipbuilders that they would face challenges in maintaining quality of services and producing skilled manpower.
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