Teekay Resolves China LNG JV Issues
Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm…
Cosco, CN Extend Intermodal Pact
Canadian National Railway (CN) announced that COSCO Shipping has chosen CN to be the exclusive rail provider for the Chinese state-owned shipping company's discharge at the Ports of Vancouver, Prince Rupert, Montreal, and Halifax to all currently served CN destinations.“We are proud that CN’s supply chain logistics and focus on growth has earned the continued trust of COSCO shipping’s business,” said Keith Reardon, senior vice-president of consumer product supply chain at CN.“This is yet another strategic contract signed recently.
Cosco Intros Guangzhou Supply Chain Platform
The global ports operator Cosco Shipping Ports signed investment agreement of Cosco Shipping Ports Supply Chain Project with Guangzhou Nansha Economic and Technology Development Zone Commercial Bureau.The Cosco Group company said that it plans to develop phase I of terminal extended business in the land near Nansha Stevedoring Corporation Limited of Port of Guangzhou and Guangzhou South China Oceangate Container Terminal Company Limited, in order to develop port supply chain platform…
Conley Box Terminal Breaks TEU Record Again
The Port of Boston’s Paul W. Conley Container Terminal set a new all-time record in 2018 for volume for the fourth year in a row. The Port of Boston is the main artery of Massachusetts’ consumer economy, with imports and exports serving as vital catalysts for growth, investment and opportunity. More than 1,600 businesses across New England use the Port of Boston for importing and exporting goods.Conley Terminal handled 298,036 TEUs during 2018, serving as an efficient alternative to other U.S. East Coast ports for New England cargo.
COSCO-OOIL Merger Has Great Synergy: Xu, Tung
The merger of Orient Overseas (International) Limited (OOIL) and COSCO Shipping Holdings offers can effectively combine the respective strengths of both and optimize our global network, thereby achieving greater economies of scale and synergies, incoming Chairman of OOIL, Captain Xu Lirong, said commenting on the deal.This transaction is a common choice for both sides to follow the development trend of container shipping industry and realize sustainable development, he added."I…
CMA CGM Buys Stake in CSP Zeebrugge Terminal
French container carrier CMA CGM announced Friday it has acquired from CHINA SHIPPING Ports Development Co. Limited, a wholly-owned subsidiary of COSCO Group, a 10 percent equity interest in CSP Zeebrugge Terminal NV, through its wholly-owned subsidiary CMA Terminals.CMA CGM is currently the major client of the Belgian container terminal and accounted for one third of CSP Zeebrugge's total throughput in 2017.COSCO SHIPPING Ports completed the acquisition of the remaining 76 percent…
COSCO Shipping Ports More than Doubled Profit in 2017
Hong Kong-based port operator COSCO Shipping Ports said that it 2017 profits have more than doubled from a year earlier, partly due to a one-off disposal gain and higher operating profits. The subsidiary and listed company of China COSCO owned by COSCO Group said that its profit reached USD 512.4 million in 2017, representing an increase of 107.4 pct compared with 2016 when the profit stood at USD 247 million. The firm's full year revenue rose 14% to US$634.7 million. Benefitting from the economic recovery and with growth fueled by its acquisitions…
COSCO Books H1 Profit of $288 mln
China's COSCO Shipping Holdings Co Ltd reported a first-half profit on Wednesday and forecast that improved demand in the container shipping market would continue for the rest of the year. China's largest shipping group, which last month offered to buy a Hong Kong peer to become the world's third-largest container liner, said January-June net profit was 1.86 billion yuan ($288.32 million). That matched an estimate it announced in July, citing improved market conditions. It also booked revenues of 43.5 billion yuan for the period.
COSCO to Buy OOCL for USD 6.3 bln
Chinese Shipping Major Cosco Group has agreed in principle to buy its shipping rival and Hong Kong’s No. 1 box mover, Orient Overseas Container Line (OOCL), in deal that could be valued around USD 6.3 billion. The takeover will catapult Cosco the world’s third-biggest container carrier after Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co. In a press release, the State-owned Cosco said that it will pay shareholders of OOCL,, HK$78.67 a share in cash, a 31 percent premium over the stock’s last closing price.
COSCO Rolls Out Shipping Financial Platform
China COSCO Shipping Co. Ltd (China COSCO Shipping) officially inaugurated the company “COSCO shipping Financial Holdings Limited (COSCO shipping Financial) in Hong Kong. It was former China Shipping (Hong Kong) Holdings, reports Sinocast. The formation of Cosco Shipping Financial followed the completion of the merger between China Cosco Group and China Shipping Group in February this year to become Coscocs. COSCO Shipping Financial Holdings, together with China Shipping Container Lines, will form a financial holding platform of China COSCO Shipping Corporation.
CMA CGM’s Benjamin Franklin Ends US-Asia Route
French shipping line CMA CGM SA will no longer run the mega containership Benjamin Franklin between Asia and the U.S. West Coast, on account of weak market conditions, reports FT. According to sources, Benjamin Franklin’s voyages have been suspended on the route between Asia and U.S. West Coast ports including Los Angeles, Long Beach, Oakland and Seattle, after just five months amid an industry slump that has seen shipping lines’ earnings plummet. The largest containership to call at a U.S.
New Global Shipping Alliance a Reality Soon
Major container shipping lines are preparing a lineup a new tie-up - a new global alliance - to respond to rapid container shipping consolidation, reports WSJ. William Doyle, member of U.S. shipping regulator Federal Maritime Commission (FMC) said that representatives of the companies will meet today (Wednesday) to discuss their proposal. Doyle declined to name the carriers meeting with members of the regulatory body or say how many operators were involved in the discussions.
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…
CMA CGM to Delay Mega-Ship Move
CMA CGM Group has decided to postpone its project to deploy 18,000 TEU-capacity vessels on Transpacific market trade. The much-anticipated launch of a weekly service with six mega-ships which was planned for the end of May has been delayed in order to optimise the use of its fleet. The decision also comes as the company is rolling out an alliance with China’s Cosco Group and other rivals. French container shipping major has now signed a deal with COSCO Container Lines, Evergreen Line and Orient Overseas Container Line on creation of a new alliance, dubbed the Ocean Alliance.
Chinese Shippers Order for 30 Valemax Vessels
The Chinese shipping companies - Chinese shipping majors Cosco Group, China Merchants Group and ICBC Financial Leasing Co- ordered 30 Valemaxes worth a combined $2.5 billion for delivery starting from 2018, deployed on Brazil-China trade routes, reports WSJ. The vessels will bosst the trade between China and Brazil and also will invest billions of dollars into delaying shipbuilding industry in the country. The vessel will be employed on Brazil-China trade routes, boosting the import of Vale iron ore in China.
Cosco Merger May Change Industry Dynamics
The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry, says a report in the WSJ. The merger will free the two Chinese shipping groups from competing against each other at home and abroad, in an industry swamped with oversupply and depressed freight rates. The new world leader in shipping industry is likely to own 832 ships including containers, dry-bulk vessels and tankers amounting to almost $22 billion.
Navios Maritime Posts 4Q Profit
Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents. The operator of contracted crude oil tankers posted revenue of $25.8 million in the period. For the year, the company reported profit of $27.1 million, or $1.33 per share. Revenue was reported as $83.4 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015.
Greece Okay's China's Cosco Improved Bid
The state privatization fund Hellenic Republic Asset Development Fund (HRADF) of Greece has accepted a “significantly improved” offer from China’s Cosco Group for the state’s majority stake in the Piraeus Port Authority (OLP). “HRADF’s board of directors accepted the improved offer made by COSCO Group (Hong Kong) Ltd in the context of the tender for the sale of the 67 percent of Piraeus Port Authority (PPA) shares,” an HRADF statement said. The Chinese group submitted on Wednesday…
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.
Xu Lirong to Head Merged Giant COSCO-CSG
The current chairman of China Shipping Group (CSG) Xu Lirong handed top job at $74.7bn Beijing-backed merged entity of CSG and China Cosco Group. Xu Lirong has been appointed chairman of China Cosco Shipping Group, according to statements posted by the two groups on their websites Monday. Xu is a shipping veteran and served in senior positions at Cosco for more than 30 years before joining China Shipping (Group) as president in 2011. He was promoted to chairman in 2013. Xu' counterpart at Cosco, Ma Zehua, hits retirement age later this year and is expected to step down.
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.
Cosco - Only Bidder for Piraeus Port
China’s Cosco Pacific is understood to be the only party interested in the acquisition of the 51 percent stake (plus another 15 percent) of Piraeus Port Authority (OLP), reports Kathimerini. Alexis Tsipras's government had halted the sale after winning elections in January but resumed the process under the 86 billion-euro bailout deal it agreed with its euro zone partners in the summer. The deadline for final bids was 1700 GMT on Monday. The Hong Kong-listed firm was the only…
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.
Cosco, China Shipping Merger Gets Green Signal from Beijing
China State Council has given the go-ahead for country's two largest shipping conglomerates to merge, continuing a trend in the industry to trim down state-owned enterprises, reports Caixin Media. The China Ocean Shipping Co. (COSCO Group) and China Shipping Group Co. have been working on a deal since August. The listed subsidiaries of the two firms are expected to make separate statements on their next step on December 11, the executive said. Meanwhile, WSJ reported that the shipping companies plan to issue details of their long-expected multibillion-dollar merger plans as early as Friday…
CMES Confirms Order for 10 VLCCs
The board members of China Merchants Energy Shipping (CMES) has approved of a plan to order an additional 10 eco-friendly VLCCs. These vessels will be operated by CMES’ Hong Kong-based subsidiary, China VLCC Company Limited, a tanker JV between CMES and Sinotrans & CSC Group. China VLCC was set up in early September, will be in charge of vessel operation. CMES added that it would disclose more details on the announcement once the contracts on construction of the energy saving tankers are signed. Potential value of the deal is expected to reach around USD 920 million.
Shipping Consolidation in Asian Shores
The global shipping industry consolidation appears to be picking up, with much of the activity centering on Asia, reports Nikkei. The overcapacity and weaker global trade have fueled talk of a shakeout in the industry. CMA CGM is in “exclusive” talks with Neptune Orient Lines’ (NOL) largest shareholder, Temask, for the purchase of its APL container liner business. Over in China, the top two state-owned operators are in the final stages of merger talks. NOL announced that CMA CGM had been granted exclusive negotiating rights, through Dec.