The parties intend to continually grow and strengthen the strategic partnership globally over at least a 10-year period.
In the short term, the arrangement would allow Zinus to secure a stable supply of shipping containers in 2022 at a fixed rate, in a deal that reminds the recent agreement between Maersk and Vestas, which gives Vestas direct access to container capacity at a fixed price.
In its recent Q3 earnings release, Zinus reported year-over-year revenue growth of 16.3% even despite the limitations of the current global shipping crisis, thanks in part to the continually increasing demand for online purchase of furniture which has accelerated over the course of the Covid-19 pandemic.
“This strategic cooperation will allow us to reduce our logistics risks during a period when the world is suffering from global supply issues due to the shortage of shipping containers and high ocean freight rates. We believe this MOU will also serve as a springboard for Zinus to continue to grow our global business even beyond the 16 countries where we currently operate,” commented Seonkyoo Park, Senior Director of Zinus Global SCM.