South Korea’s LX Pantos is entering the US intermodal logistics market through a joint venture with Japanese shipping giant Ocean Network Express, seeking new revenue streams as its core business faces headwinds.
The Korean logistics provider will hold a 51% stake in the newly formed Boxlinks venture, while ONE, the world’s sixth-largest container shipper, will own the remaining 49%. Financial terms weren’t disclosed.
The partnership marks the first collaboration between a Korean logistics company and a major global shipping firm in North America. It targets the US intermodal freight market, currently valued at $59 billion and projected to grow nearly 11% annually through 2030, according to industry data.
Boxlinks plans to leverage empty containers returning to US ports from inland destinations, combining rail and truck transportation. The venture has secured agreements with major rail operators Union Pacific, Norfolk Southern and BNSF Railway.
LX Pantos CEO Lee Yong-ho said the venture will serve as a strategic entry point into the US market. The company, which operates 380 networks globally, has been seeking to diversify its revenue sources amid declining sales in its main business segments.
