Sino-Global Shipping Enters Agreement With COSCO
Sino-Global Shipping America, a non-asset based global shipping and freight logistic integrated solution provider, has announced the signing of an Inland Transportation Agreement with COSCO Beijing International Freight Co in which COSFRE Beijing will utilize the Company's full-service logistics platform to arrange for the transport of its container shipments into US ports. In addition to the Agreement with COSCO Beijing, the Company has entered into a Strategic Cooperation Framework Agreement with Sinotrans Guangxi, a subsidiary of Sinotrans Limited.
Consolidated Container Fleets Worth $33.4 Billion
Following the sale of Hamburg Süd to Maerskfor $4 billion, VesslesValue senior analyst William Bennett has compiled a report on the top consolidated container fleets. Currently these top five fleets are worth $33.4 billion and account for 33 percent of the entire container fleet. Maersk have confirmed rumors that they will acquire German container shipping line Hamburg Süd. Hamburg Süd’s strong position in north-south trades will complement Maersk's current business. Maersk is thought to have paid roughly $4 billion for Hamburg Süd whose fleet is worth $1.5 billion.
COSCO Warns of Loss for Year in Rough Market
China COSCO Holdings , owner of the world's fourth-largest container shipping fleet by capacity, warned of a loss for the year on Friday as it failed to capitalise on a market recovery in the third quarter. Slowing global trade had saddled the sector with a glut of container ships, pushing freight rates below cost in some cases and inflicting heavy losses, until the collapse of South Korea's Hanjin Shipping in August caused a supply shock that allowed ship owners to push up rates.
China COSCO Moving to Offshore Winds
China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided to get into the offshore wind power generation business, reports Nikkei. Recently, the Belgian dredging, environmental and marine engineering group DEME DEME and China COSCO have formed a joint venture to develop offshore wind energy in China. As the largest shipping company in the world, China COSCO Shipping wishes to enter this new market segment and has found a partner in DEME's subsidiary GeoSea…
Japan's Big Three Shipping Lines Form 3rd Largest Alliance
Japan’s three largest shipping companies - Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K Lines (MOL), and Kawasaki Kisen Kaisha (“K” Line) - and three other carriers worldwide will form the world's third-largest container shipping alliance, reports Nikkei. South Korea's Hanjin Shipping, Germany's Hapag-Lloyd and Taiwan's Yang Ming Marine Transport, on Friday agreed to join forces. The new partnership will begin operations in April 2017 for five years, subject to regulatory approval. The three Japanese shippers will adjust their ports of call and operating schedules on duplicate routes.
Cosco Pacific Appoints Zhang Wei as Vice Chairman
Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones. "Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee, and a member of the Nomination Committee and the Remuneration Committee due to work commitments…
China Cosco to Form Container Alliance
China COSCO Shipping, the result of a merger in February between the country's top two state-owned shippers, is in talks with CMA CGM and several other major operators to create a new shipping alliance, say reports in local media. Wang Haimin, China Cosco’s deputy general manager reportedly said: “We are having further discussions with some related carriers. He did not specify which carriers were involved, only noting that the new partnership was expected to serve China Cosco’s…
Deng Huangjun New CFO for China Cosco
China Cosco Holdings has appointed Deng Huangjun as its new chief financial officer, after his predecessor Tang Runjiang resigned. Deng, 53, is also a director and deputy managing director at Cosco Pacific. Tang Runjiang has resigned with effect from 14 March 2016 due to change in job arrangement, informs a statement from the company. Tang Runjiang has confirmed that he has no disagreement with the Board, and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company.
Chinese to Acquire Greek Port as Gateway to Europe
China's state-owned shipper China Ocean Shipping (Group), also known as Cosco Group and owned by China COSCO Holdings, is on track to acquire Greece's largest container port, gaining a key foothold to expand China's economic and military presence in Europe and Africa under the "One Belt, One Road" trade route initiative. There were no other bidders, which suggests that China’s strategic aims of using the Greek port of Piraeus as getaway to Europe is one step closer to realization.
China Merges Shipping Firms in Reform Push
Chinese shipping subsidiaries will realign their businesses in response to the merger between China Ocean Shipping (Group), known as Cosco Group, and China Shipping Group, reports Nikkei. Sinotrans & CSC Holdings Co., the nation's third largest shipping company, will become a wholly-owned subsidiary of China Merchants Group (CMG). Earlier in December, China approved the merger of another two of its biggest state-owned shipping companies, China Ocean Shipping Group (Cosco) and China Shipping Group.
China Shipping Merger Erases $900 mln in Market Value
Shares of Cosco Group and China Shipping have taken a hammering on the stock markets as two major companies lost about $900 million in total market value after the government proposed combining its two key ocean liner groups, reports Bloomberg. China’s shipping giants led the declines with drops of as much as 30 percent, the most on an intraday basis in more than 10 years. The shares had been halted from trading since August pending an announcement by their parent companies.
China Cosco President Resigns
China COSCO Holdings Company president Jiang Lijun has resigned from his position. Jiang Lijun will cease to be a member of the strategy and development committee and nomination committee of the Company upon his resignation taking effect. Jiang Lijun’s resignation was because he has reached the retirement age. The Board would like to take this opportunity to express its sincere gratitude to Jiang Lijun for his significant contribution towards the Company in the past. Jiang Lijun confirmed that he has no disagreement with the Board…
Cosco CSCL Merger Talks Continue
The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media. According to JoC, the Chinese executives of the carriers have been tight lipped on the discussions, but it is widely believed that the lines are thrashing out ways to merge the container and bulk shipping divisions. Reports say that the Beijing government would like preliminary merger plan within three months, beginning from August. The merger is in line with China's current strategy of consolidation of state-owned enterprises (SOE).
No Tianjin Impact, Says Cosco
China COSCO Holdings Company Limited says its operations at Tianjin port have been unaffected by the blasts that killed 114 people here also put a deep dent in the compact between China’s government and its middle class. "Our assets have not been materially affected. Our vessels at the anchorages close to Tianjin Port were not affected by the incident and the ships and crews are safe," says a stock market announcement from the company. There has however been some damage to land-based assets and some disruption of operations, although Cosco does not expect that to have any significant impact.
Drewry: Cosco, CSCL Merger to Shake up Container Shipping
Industry analyst Drewry believes that the proosed merger between Chinese state-owned companies, Cosco and China Shipping Container Lines (CSCL), could cause a domino effect on existing carrier alliances and further carrier mergers in Asia damaging to industry competition. China is said to be planning to merge is two container shipping majors China Cosco and CSCL within efforts to consolidate state owned enterprises. Although merger talks between the world’s fourth and eighth largest container carriers are unlikely, Drewry expects that both will have to take radical remedial action this year.
China Cosco Guides H1 Profits at $306mln
China Cosco Holdings, the flagship unit of Cosco Group, is expecting a net profit of Yuan1.9bn ($306m) for the first half, against the Yuan2.3bn loss during the same period last year. Compared to the same period of last year, the company turned losses into profits in the first half of 2015. The imbalance between supply and demand in the international shipping market did not improve in the first half of this year. The above swing is mainly due to the receipt of subsidies for the decommissioning and upgrading of vessels…
COSCO Receives Fund for Fleet Renewal
China COSCO Holdings Co Ltd says it has received ship scrapping subsidies for about 3.96 billion yuan ($638.71 million). It came through China Ocean Shipping, the controlling shareholder of the company, for the decommissioning and upgrading of vessels. “The subsidy was recognized as non-operating income and will be included in the profit and loss of the company for the year ending 31 December 2015 to compensate the losses suffered by the company due to the advanced disassembling of the vessels,” Cosco said in a stock exchange filing. The subsidies were received by Cosco on 30 June 2015.
China Cosco Sends 14 More Vessels to Scrap Yard
China Cosco Holdings has scrapped 14 vessels between February 1 and March 31 this year, continuing progress with its ambitious fleet renewal plan. The 14 ships comprised of one container vessel and 13 dry bulk carriers, which have a combined capacity of 924,700 dwt. The vessels were disposed of as scrapped vessels to different purchasers at a total consideration of approximately RMB211 million (around USD 35.5 million). The Chinese ship-owner commented that the move would lower the average age of its fleet…
Cosco Scraps Four Vessels
China COSCO Holdings disassembled four vessels including two container vessels and two bulk carriers in April 2015, with the aggregate capacity of 261.8 thousand deadweight tons. The company realized losses from the disassembly of the vessels of approximately RMB59 million (USD9 million), says a statement from the COSCO. The units were sent for disassembling from 1 April 2015 to 30 April 2015. The two decommissioned container vessels ((Xiu He and Ya He) )were previously owned by COSCO Container Lines Co., Ltd (COSCON).
China Charges State-owned Shipyard Ex-head with Taking Bribes
The former chairman of Chinese state-run shipyard Hudong-Zhonghua Shipbuilding has been charged with taking bribes, prosecutors said on Friday, the latest official to be swept up in President Xi Jinping's anti-corruption crackdown. The Supreme People's Procuratorate said in a notice on its website that Gu Tiquan, former board chairman of the Shanghai-based shipyard, would be prosecuted. It did not give details. Hudong-Zhonghua is a subsidiary of China State Shipbuilding Corp, one of the largest shipbuilding conglomerates in the country.
COSCO Chairman Expects Shipping Slump to Persist
The global shipping market is unlikely to see a recovery during the next two years as it grapples with an oversupply of vessels, the chairman of China's largest shipping group said on Wednesday. The sector has been battling overcapacity since the 2008 financial crisis because new vessels ordered before the downturn have flooded the market, dragging down rates and hitting Chinese ship builders hard. Ma Zehua, the chairman of China Ocean Shipping Group (COSCO), told reporters on the sidelines of a conference in Chongqing that the firm was focusing on cost control…
China's COSCO Group Returns to Profit
China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809.26 million) last year, said Ma Zehua, according to the official Xinhua news agency. Operating revenues were up 2 percent year-on-year, said Xinhua without providing a figure, while COSCO's asset to liability ratio fell 4.4 percentage points to 55.4 percent at the end of 2014.