R. Alikhanov, president of FESCO Transportation Group, and J.S. Park, president of Korea Marine Transport, have signed a memorandum of understanding to determine the principles of joint work, terms and conditions through the end of 2016. Russia's Commercial Port of Vladivostok, part of FESCO, will start accommodating KMTC vessels this month.
The two parties also signed the contract and tariff and service appendix for rendering stevedoring services and cargo storage in the port. The terms and conditions of the agreement will be agreed upon by the parties on a yearly basis.
"Long-term mutually advantageous cooperation between FESCO and KMTC will boost containerized cargo volumes destined to east-west route," Alikhanov said in a written statement. "We are confident that partnership relations of Russian and Korean transport companies based on their commitment to strictly perform obligations will make it possible to exploit the transit opportunities of our country more efficiently and develop the Russian Far East."