LX Pantos to enter Indonesian resource logistics market
Jin-Won Kim
May 30, 2024 (Gmt+09:00)
South Korea's LX Pantos said on Thursday that it signed a joint venture (JV) agreement with KSA, Indonesia's largest bulk carrier, to tap into the Southeast Asian nation's rich mineral resources.
KSA boasts an annual capacity of 80 million tons of resources, including coal and nickel, a key material for electric vehicle batteries.
The JV will focus on transporting coal and other resources mined in Indonesia, initially utilizing three barges to be introduced this year.
The partnership aims to expand its fleet and transshipment facilities in the future.
LX Pantos seeks to leverage the JV to broaden its resource logistics business beyond coal, targeting minerals like nickel and lithium.
Indonesia is the world's top coal exporter and holds the top two spots globally in supplying nickel and cobalt, respectively.