CWT’s Journey Alongside Singapore’s Rise

CWT’s journey over the past five decades is intricately woven into the narrative of Singapore’s rise as a global trade and logistics powerhouse.

Founded in 1970 under the auspices of the then Port Authority of Singapore, CWT began as a modest container and warehousing operator serving a nascent maritime industry. Over time, it transformed into a diversified multinational corporation with a strong presence in logistics, commodity marketing, financial services, and engineering services.

Its evolution is a testament to strategic foresight, adaptability, and resilience – qualities that mirror Singapore’s own trajectory as the nation commemorates its SG60 milestone.

CWT’s flagship integrated warehouse and container depot facility in Singapore

MILESTONES OF GROWTH AND RESILIENCE

From the outset, CWT’s growth has been defined by key milestones that showcase its ability to navigate and flourish within an ever-changing global marketplace.

In 1993, its listing on the Singapore Exchange marked a critical turning point, signalling its ambition to move beyond the confines of domestic operations and into the international arena.

The following year, CWT diversified its portfolio by entering the vehicle inspection and maintenance services sector in Singapore, expanding its footprint in the transportation ecosystem.

Between 1996 and 2002, CWT made a strategic leap into the ocean freight forwarding industry through the acquisition of stakes in Globelink, a move that solidified its international logistics capabilities. This expansion enabled CWT to establish a robust global network, connecting clients to over 200 direct ports and more than 1,600 inland destinations – providing truly seamless logistics solutions on a global scale.

Yet, CWT’s growth journey had its share of challenges.

From 2002 to 2004, the company experienced a period of transition as the main shareholder explored divesting its non-core business interests. During this time, the organisation adapted to changing priorities and shifting directions. However, in 2004, C&P Holdings, a private logistics firm, acquired CWT, marking the dawn of a revitalised era for the company.

Post-acquisition, CWT adopted an integrated business model, placing logistics at the heart of its operations while branching out into complementary sectors. By capitalising on its competitive advantages, CWT began to dominate niche markets such as chemical and petrochemical logistics, cold chain logistics, bonded and dutiable cargo logistics, marine logistics, as well as support for the oil and gas industries.

In 2006, CWT ventured into the commodity logistics sector and further enhanced its engineering capabilities with the acquisition of Indeco Engineers. The engineering business subsequently enabled the company to offer integrated design-and-build solutions for logistics properties.

A year later, it acquired OCWS Logistics, thereby expanding its container logistics capacity and strengthening its container storage, maintenance, and repair services.

The company’s footprint continued to grow in 2008, with a strategic expansion into soft commodity logistics in Europe, underscoring its increasing global influence.

EXPANDING INTO FINANCIAL SERVICES AND COMMODITY MARKETING

The year 2010 marked another milestone with the launch of Straits Financial, a global financial derivatives trading and brokerage arm. This new division provided customers with advanced technology solutions and risk management services, and reinforced CWT’s strategic intent to be a holistic, end-to-end service provider in the supply chain and commodities sectors.

Continuing its growth trajectory, CWT acquired MRI Trading AG (MRI), a major independent trader of copper concentrates and other base metal concentrates, in 2011. This acquisition not only strengthened CWT’s position as an integrated commodity logistics and supply chain provider but also opened up a new and lucrative revenue stream in global commodity marketing. With MRI on board, CWT firmly established itself as one of the leading players in the global base metals market.

Further development came in 2014 with the establishment of the Singapore Wine Vault (SWV) – the largest wine storage facility in Southeast Asia. This venture demonstrated CWT’s versatility and ability to cater to specialised markets.

CWT also based its cold chain operations at SWV, offering freezer, air-conditioned, and ambient storage to food manufacturers, wholesalers, and retailers, supporting Singapore’s food supply.

In the same year, the company launched TransHub, a multimodal transportation hub designed for the efficient storage of laden containers and chassis. Through innovations like a high-density vertical chassis parking system, CWT optimised land use in land-scarce Singapore, contributing to increased efficiency in the local container logistics industry.

PIONEERING INFRASTRUCTURE AND SMART LOGISTICS

CWT has long been a trailblazer in the development of ramp-up warehouse properties in Singapore, leveraging its deep expertise in warehouse design to deliver purpose-built facilities that optimise both operations and cost.

By 2017, the operational readiness of its 2.4 million-square-foot Mega Logistics Hub – the largest of its kind in Singapore – marked another leap forward. This cutting-edge facility included an automated container storage and retrieval system (CSRS) and other smart logistics technologies, further bolstering Singapore’s reputation as a global logistics leader.

Internationally, CWT’s warehouse infrastructure serves as key regional and local distribution centres across a broad range of industries, providing integrated supply chain solutions to clients worldwide.

TRANSFORMATION UNDER NEW OWNERSHIP

In 2017, CWT joined China-based HNA Group, gaining access to broader global resources and networks. This partnership allowed CWT to refocus on its core strengths.

It was privatised in 2018 and underwent a strategic realignment that laid the groundwork for renewed focus and sustainability. Despite the complexities surrounding HNA’s own corporate restructuring, CWT emerged resilient.

STRATEGIC LEADERSHIP AND A VISION FOR SUSTAINABILITY

CWT has been reinvigorated with a renewed emphasis on strategic growth,innovation, and sustainability, paving the way for stronger profit growth.

A major turning point came in 2022 when Michael Wang assumed the role of Executive Chairman and Group CEO. Under his visionary leadership, CWT has been reinvigorated with a renewed emphasis on strategic growth, innovation, and sustainability, paving the way for stronger profit growth.

Wang also fostered greater synergy across CWT’s diverse business units, enabling cohesive growth across key regions including Asia and Europe. Beyond financial performance, Wang has championed a sustainability-focused agenda, embedding Environmental, Social, and Governance (ESG) principles throughout the organisation.

From solar-powered logistics facilities to optimised transportation routes and digitised logistics processes, CWT has taken concrete steps to reduce its environmental footprint.

Mr Michael Wang, Executive Chairman and Group CEO

“Our mission is to build solutions that create customer value while driving sustainable growth,” Wang declared at the 2024 CWT Summit in Singapore.

COMMUNITY AT THE CORE

True to its ethos of giving back, CWT has maintained strong commitments to social responsibility. Since 2013, the company has served as the official logistics sponsor of Hair for Hope, supporting the Children’s Cancer Foundation through smooth execution of the campaign’s logistical needs.

CWT also contributes to Children for Children, an initiative that brightens Children’s Day for underprivileged youth in Singapore. These efforts reflect the company’s unwavering belief in uplifting communities even as it grows.

EYES ON THE FUTURE: EXPANDING IN HAINAN AND BEYOND

Looking ahead, CWT is setting its sights on replicating Singapore’s successful development model in China’s Hainan Free Trade Port. Through its joint venture, Hainan Xuanqi, CWT is well-positioned to expand into bulk commodity trading and providing integrated logistics services in Hainan. This initiative aligns with China’s Belt and Road Initiative and presents an opportunity to deepen CWT’s footprint in the fast-growing Chinese market.

Importantly, CWT’s approach to Hainan prioritises capital efficiency, focusing on providing management services rather than committing to heavy asset investments. This strategy mitigates financial risks while tapping into new revenue streams, staying true to CWT’s agile and forward-looking business model.

A LEGACY FORGED IN TENACITY

As Singapore celebrates its 60th anniversary of independence, CWT stands as a shining example of the nation’s spirit – resilient, innovative, and constantly evolving. From its origins as a port authority subsidiary to becoming a global player in logistics and commodities, CWT’s journey is one of transformation and triumph. It remains committed to its mission: “Connecting World Trade.”

With bold plans for expansion and a firm commitment to sustainability and community, CWT continues to chart new horizons while honouring its legacy as one of Singapore’s most iconic and enduring business success stories.