Maersk will provide Zinus with a stable supply of shipping containers in 2022, allowing Zinus to meet its shipping needs and stabilize ocean freight expenses.
Maersk will also provide additional logistics services with the goal for the parties to continually grow the global, strategic partnership.
Zinus, a global eCommerce furniture company, signed a Memorandum of Understanding with Maersk, the world’s leading container shipping company, for Maersk to become the preferred global integrator of logistics for Zinus.
Young Jae Lee, the CEO and Founder of Zinus, Ditlev Blicher, Head of Asia Pacific at Maersk, and Adam Farmer, the Representative Director and Head of Sales of North East Asia at Maersk, among others, participated in the signing ceremony.
Under the MOU, the two parties expressed their intent for Maersk to provide a stable supply of shipping containers in 2022, as well as additional logistics services. 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 to meet its shipping needs and stabilize ocean freight expenses in a volatile, uncertain market.
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.
We are very excited for this opportunity to work with Maersk. 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.
As a leading global eCommerce furniture company which has been enjoying rapid growth, Zinus’ significant growth plans require a state-of-the-art logistics platform for their continued expansion. With digitally-enabled, seamless, end-to-end solutions based on a world leading network of terminals, vessels and inland facilities, Maersk proudly stands committed to enable the continued growth journey of this remarkable company,