LX Pantos to set up joint venture with Japanese shipping company in U.S. to expand intermodal market - Korean report

Logistics company LX Pantos has established a joint venture (JV) called Boxlinks in the United States with Singapore-based Japanese shipping company Ocean Network Express (ONE).
This is the first time that a Korean logistics company has established a joint venture with a Japanese shipping company in the United States. LX Pantos will hold 51% of the joint venture, while ONE will hold 49%.
The company will develop an intermodal transport business in the United States. Boxlinks will take over ONE's containers delivered to US ports and transport the empty containers by rail and truck.
For this project, Boxlinks has signed contracts with the U.S. railroad companies Union Pacific Railroad, Norfolk Southern Railroad, and BNSF Railroad.
According to the Intermodal Transportation Association (IANA), the intermodal market in North America is estimated at approximately 79 trillion won (approximately 8.41 trillion yen) by 2030.
The market is expected to grow at an average annual rate of 10.9%. Lee Yong-ho, CEO of LX Pantos, said, "We will strengthen our end-to-end services that link international shipping and rail, and establish a position in the U.S. market.
I would like to."