COSCO Ports and CMA Terminals Join Forces
By Aiswarya Lakshmi
Thursday, January 26, 2017
Cosco Shipping Ports has signed a memorandum of understanding (MOU) with CMA Terminals Holding in Shanghai.
The two parties have agreed to seek cooperation in ports worldwide and preference will be given to ports that the Ocean Alliance calls. Meanwhile, both sides have also agreed to provide support in terms of business and service to the ports that the other side has already invested.
Zhang Wei, Vice Chairman and Managing Director of Cosco Shipping Ports and Farid Salem, Executive Officer of CMA CGM Group signed the MOU in the presence of Huang Xiaowen, Deputy General Manager of China Cosco Shipping Corporation Limited and Chairman of Cosco Shipping Ports, Fang Meng, Deputy Managing Director of Cosco Shipping Ports, Jean-Yves Duval, Senior Vice President, CMA CGM Asia and Baocai Wang, President of CMA CGM China.
Since the establishment of the Ocean Alliance, the cooperation between Cosco Shipping Ports and CMA Terminals Holding has become closer.
Both sides wish to create more opportunities in global port investment and operation. The discussion of cooperation began in early 2016 and on this basis, both sides have recently reached consensus and signed the MOU.
CMA CGM, founded and led by Jacques R. Saadé, is a leading worldwide shipping group. Its 536 vessels call more than 420 ports in the world, on all 5 continents. In 2015, they carried 18 million TEUs (twenty-foot equivalent units).