China Cosco Shipping has inked agreement with Austriaʼs Rail Cargo Group via its unit OceanRail Logistics to acquiring a stake in Rail Cargo Terminal-BILK.
Rail Cargo Terminal-BILK, fully owned by Rail Cargo Group, located at Budapest, the capital city of Hungary, is the railway transportation hub of Rail Cargo Group in Central and Eastern Europe, with a handling capacity of 230,000 teu annually.
The deal is a new beginning between Cosco Shipping and Rail Cargo Group, which will greatly strengthen OceanRail Logistics’s connection with EU companies, said Cosco Shipping.
Cosco Shipping Europe president Sun Jun said Cosco Shipping will actively promote the construction of Central and Eastern Europe railway network and expand sea-rail combined transportation in the region.
Earlier this month, OceanRail Logistics acquired a 60% stake in the Greek railway company, PEARL S.A., at the Piraeus Port, Greece, to further consolidate the resource development of Cosco Shipping in the railway transport corridor of the China-Europe Land Sea Express Line and improve its railway operation capacity.