Global eCommerce furniture company Zinus signed a Memorandum of Understanding with container shipping company Maersk to become its preferred global integrator of logistics.
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.
Seonkyoo Park, Senior Director of Zinus Global SCM, said, "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."
