CN Logistics International Holdings Limited announced that its subsidiary Allport Cruise Service ("Allport Cruise"), which specialises in cruise logistics, will officially commence operations in the Netherlands in July. This move will further strengthen the Group's strategic presence in the cruise logistics segment and deepen its global layout, creating greater synergy with the existing air and sea freight forwarding business to promote the overall development of the Group. As a logistics solutions provider with a focus on the high-end fashion and wine sectors, the Group is committed to exploring business verticals with high standards and considerable profit margins. In early 2022, the Group saw a tremendous opportunity in the cruise market in the post-pandemic era and acquired Allport Cruise to develop a new business in cruise logistics. Leveraging its long-term cooperation with many international cruise lines and the synergies built after integrating with the Group's existing business, a number of tenders for shipments for drydock projects and cruise replenishment were successfully awarded in 2022, contributing approximately USD44 million to the Group's revenue. The Group also leveraged the new business presence and service capabilities gained in Europe, Southeast Asia, and North America to extend existing services to new markets, developing an all-rounded business and unleashing new potential. While the pandemic gradually recedes, industry research in recent months shows that the global cruise industry is expected to rapidly grow at a Compound Annual Growth Rate (CAGR) of 10.4% and reach USD136 billion by 2031, more than 1.5 times the USD53 billion in 2021. Therefore, to grasp these significant business opportunities and strengthen its business presence as well as service capabilities, Allport Cruise established a new office in the Netherlands. The new office will officially commence operations in July, and this expansion will allow the Group to build up a strong
global business footprint covering a number of
European countries, including Italy, Switzerland, the Netherlands and France; several Asian regions, including Japan,
Korea, Mainland China, Hong Kong, Singapore, Vietnam, Taiwan, Thailand, and Indonesia; as well as the North American
markets, the United States and Canada.