Don’t leave town, police told an executive director at China Cosco Holdings last week. Okay, they probably never said that, but it doesn’t change the fact that Xu Minjie is under investigation in what is widely believed to be part of Beijing’s crackdown on widespread corruption.
Alphaliner’s chart of the week focuses on the new tonnage that has been added by the top 20 container shipping lines in the past 12 months. As incredible as the capacity is – 844,000 TEUs for a fleet growth of 6.4 percent – the one carrier that stands out is CSAV.
Just when you thought the 2011 shipping industry losses could not possibly get any worse, along comes one of China’s state owned carriers to set the benchmark at a new low. As China’s largest line, that honour naturally fell to Cosco, and the…
The Year of the Dragon begins now, represented in the Chinese zodiac by the Water Dragon. There is some irony in that, because the worst drought in 50 years has forced Chinese maritime authorities to close the Yangtze River above the port of Wuhan, more than 600 miles upriver from Shanghai.
The first quarter results have been coming in over the last month and they are a mixed bag of good, bad and ugly. Good would be China’s Cosco Shipping, a subsidiary of the country’s largest shipping firm China Ocean Shipping (Group) Co, which announced a 150 percent increase in net profit.
It took the Hong Kong government 10 years after the airport moved to call for tenders to develop the old Kai Tak airport site and slap a cruise terminal at one end. And it has taken another two years on top of that for the first foot to finally step on the first shovel to begin preparation work.