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Monday, June 24, 2019

Cosco Shipping News

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Market in Focus: Bulkers

NewbuildingMany Chinese companies have been stepping up in the bulker market with COSCO Shipping and Avic leasing placing orders at Chinese yards. Of the total 313 Bulkers ordered over the past year, nearly 40% have been Panamax vessels, demonstrating the hot market.Source: Vessels ValueSecond hand marketThe Bulker market as a whole has shown a softening in values over the past year. The main reason for this is due to the drop off in rates throughout the first quarter of 2019.

Photo: Hafen Hamburg Marketing e.V.

Chinese VP Visits Hamburg Terminal

China’s Vice President Wang Qishan visited the HHLA Container Terminal Tollerort (CTT) at the Port of Hamburg.Wang was greeted by the Chairwoman of the Executive Board of Hamburger Hafen und Logistik AG (HHLA), Angela Titzrath, Hamburg’s First Mayor, Dr Peter Tschentscher, and representatives of the Chinese container shipping company Cosco Shipping Lines. Wang headed a 40-strong party of high-ranking Chinese government officials, and the terminal operator said the visit emphasizes…

Photo: Abu Dhabi Ports

Two Mega Box Ships Call Abu Dhabi

CSP Abu Dhabi Terminal, a container terminal built and operated by China's COSCO SHIPPING Ports Limited (CSP) at Khalifa Port in partnership with Abu Dhabi Ports, has received two of the world’s largest mega-vessels within less than a month - cementing Abu Dhabi’s position as a global maritime hub.The ships – MV. COSCO SHIPPING SOLAR and PISCES – are the third and fourth main line vessels to pass through CSP Abu Dhabi Terminal since it started trial operations in April 20, 2019. They follow the arrival of MV.

Photo courtesy of ACP

Largest Boxship Ever Transits Panama Canal

Today, the Panama Canal completed a trial transit of Evergreen’s Triton, the largest vessel in dimension and container cargo capacity to pass through the Expanded Canal since it opened in June 2016.The Neopanamax containership Triton, which has a Total TEU Allowance (TTA) of 15,313, a 20-row beam of 51.2 meters and a length of 369 meters, transited northbound from the Pacific to the Atlantic Ocean.Similar to the milestone Q-Flex transit completed on May 12, today’s achievement was made possible by an increase to the maximum allowable beam for vessels transiting the Neopanamax Locks.

Evergreen's Triton Transiting the Expanded Canal on May 15. Photo: Panama Canal Authority

Triton Makes Record Transit Through Panama

The Panama Canal completed a trial transit of Evergreen’s Triton, the largest vessel in dimension and container cargo capacity to pass through the Expanded Canal since it opened in June 2016.The Neopanamax containership Triton, which has a Total TEU Allowance (TTA) of 15,313, a 20-row beam of 51.2 meters and a length of 369 meters, transited northbound from the Pacific to the Atlantic Ocean.“We are excited about the opportunities enabled by the Triton’s trial transit,” said Panama Canal Administrator Jorge L.

Pic: Cosco Shipping Ports

Cosco Completes US$3bn Peru Port Deal

Hong Kong-based international port operator Cosco Shipping Ports has completed the equity transaction of project company responsible for its greenfield subsidiary at the Port of Chancay, Peru.With the equitytransaction of the Project Company was officially completed on 10 May 2019, Port of Chancay became the company’s first greenfield subsidiary in South America and COSCO Shipping Ports plans to developing the port to an important gateway port in South America.In January 2019…

Pic: DP World Southampton

New COSCO Service Between UK, Europe, Russia

Chinese state-owned shipping and logistics services supplier company COSCO Shipping Lines announced a new COSCO feeder service from St Petersburg, Russia will begin calling at DP World Southampton."COSCO is to introduce a new weekly call at DP World Southampton, as part of a rotation including St Petersburg, Russia; Kotka, Finland; Southampton, UK; and Rotterdam, Netherlands," said a press release.The news comes after COSCO confirmed in February that DP World Southampton will be a permanent call on its feeder service.

Image: Piraeus Port Authority S.A.

Piraeus Port Signs MoU with Italian Ports

The Greek port of Piraeus signed a memorandum of understanding (MoU) with Italy’s port authorities from the cities of Venice and Chioggia.The agreement seeks to develop port services and promote increased trade flow between Europe, the Mediterranean and the Far East.The MoU was signed during a meeting between the chairman and CEO of Piraeus port Fu Chengqiu and the president of the Northern Adriatic Sea Port Authority (Venice and Chioggia) Pino Musolino.The MoU envisages cooperation in improving the exchange of best practices and knowhow in port management…

From left to right - Cosco Shipping Lines: Wang Kunhui (General Manager of Latin America/Africa Trade division), Tao Weidong (Deputy Managing Director), Chen Shuai (Deputy Managing Director), Wang Haimin (Managing Director) - Bolloré Transport & Logistics: Cyrille Bolloré (CEO), Philippe Labonne, (Deputy CEO), Michel Sibony (Head of Middle Office) et Sébastien Beuque (Shipping Director). Photo: Cosco Shipping  Lines

Cosco, Bolloré in Logistics Partnership

China’s container shipping company Cosco Shipping Lines signed a strategic Memorandum of Understanding (MoU) with Africa-based Bolloré Transport & Logistics to develop new opportunities in transport, logistics and port infrastructure.The two companies, partners for over 20 years, want to densify their commercial relations while exploring new opportunities for cooperation in transport, logistics and port infrastructure.Through this agreement, the two companies have agreed to explore…

Pic: Port of Liverpool

COSCO Calls on Port of Liverpool

China's COSCO Shipping has confirmed it will call at the port of Liverpool after a successful trial last October to offer its clients more efficient services between Britain and Canada."The world’s top five shipping lines are all now calling at Liverpool following confirmation that Chinese giant COSCO Shipping is to ship via the port," said a statement from the UK's most centrally-located container port.COSCO Shipping will take slots on an existing Canadian service via Montreal with OOCL.

Image: Orient Overseas (International) Limited

OOIL, JD, Cosco JV for Logistics

Gold Talent, Cosco Shipping Logistics and JD Logistics  entered into a cooperation agreement to jointly invest in online logistics platform EShipping through a joint venture (JV) formation.Gold Talent is a wholly-owned subsidiary of Hong Kong-based logistics major Orient Overseas (International) Limited (OOIL). Cosco Shipping Logistics is an affiliate of Chinese state-owned Shipping and logistics services supplier company China Cosco Shipping Corporation Limited. JD Logistics…

Photo:Cosco Shipping Ports

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…

Pic: LBCT

OOIL Sells Long Beach Terminal for $1.8bln

Hong Kong-based Orient Overseas International Ltd. (OOIL) said that it will sell Long Beach Container Terminal (LBCT) to a consortium led by Australia’s Macquarie Group for $1.78 billion.OOIL, which is majority-owned by Cosco Shipping Holdings, was the terminal operator under a lease agreement with the port. It has entered into a Sale and Purchase Agreement to sell 100% of LBCT  to the consortium led by Macquarie Infrastructure Partners (MIP). LBCT LLC operates the container terminal in the Port of Long Beach…

Image: Cosco Shipping Holdings Co.

Cosco Eyes PIL Takeover

After buying several container factories from its smaller competitor Singapore-based shipping company Pacific International Lines (PIL), China’s Cosco Shipping Holdings Co. is eyeing it as a potential takeover target.The Chinese state-run ocean carrier  had bought part of debt-ridden PIL’s container-manufacturing business, and executives at the Chinese carrier believe they could wrap up a deal for the entire business if family-owned PIL’s owners decide to sell, reported WSJ.Cosco…

Image: Navis

COSCO Shipping Ports, Navis Join to Launch Center of Excellence

The terminal operating systems (TOS) provider announced a new partnership with COSCO Shipping Ports Limited (CSP), creating a joint Center of Excellence (CoE).Navis is a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain.Launched in September 2018, the center will deliver dedicated Navis and CSP resources for N4 implementation projects…

Pic: Cosco Shipping

Cosco Shipping Buys 60% Stake Peru's Chancay Terminal

Global ports operator Cosco Shipping Ports acquiring 60% stake in Terminales Portuarios Chancay (Chancay Terminal) from Volcan Compañía Minera for a total consideration of US$225million.Zhang Wei, Vice Chairman and Managing Director of Cosco Shipping Ports and  José Picasso, Chairman of Volcan signed the agreement on behalf of the two parties.The ceremony was witnessed by Mercedes Aráoz, Vice President of Peru,  Xiao Yaqing, Chairman of State-owned Asset Supervision and Administration Commission of the State Council…

Pics: COSCO Shipping

Cosco Opens New International Hainan-ASEAN Liner Route

The New International Land-Sea Trade Corridor (ILSTC) and COSCO Shipping  'Hainan-ASEAN (Singapore)' Liner Route, co-hosted by Hainan Provincial People’s Government and COSCO Shipping, was launched at Hainan Yangpu Xiaochantan Terminal owned by Hainan Harbor & Shipping Holding.Hainan Governor Shen Xiaoming announced the launch of the maiden voyage.The “Hainan-ASEAN (Singapore)” Liner Route opens a direct passage through which goods from China’s western regions can be shipped southward to Singapore via Yangpu Port…

Image: Abu Dhabi Ports

Cosco , Abu Dhabi Ports Open New Terminal at Khalifa Port

Abu Dhabi Ports on Monday inaugurated the new Cosco Shipping Container Terminal at Khalifa with a capacity of 2.5 million TEUs (twenty-foot equivalent units).The new CSP Abu Dhabi Terminal, which includes the largest container freight station in the Middle East, is expected to boost Abu Dhabi’s position as a global maritime hub and support China’s One Belt One Road initiative.CSP Abu Dhabi Terminal is the first international green-field subsidiary of Cosco Shipping Ports; water…

Pic: Orient Overseas Container Line

Orient Overseas Container Line Reports 10% Revenue Growth

Hong Kong-based container shipping and logistics service company Orient Overseas Container Line said that its revenue in 2018 increased by 9.9% to USD 5.96 billion for all services, compared to USD 5.42 billion reported in the previous year."Loadable capacity increased by 7.4%. The overall load factor was 0.8% lower than the same period in 2017. Overall average revenue per teu increased by 3.4% compared to the same period last year," it said in a press release.For the fourth quarter of 2018 (ended 31st December 2018)…

Pic: Abu Dhabi Ports

Abu Dhabi Ports Acquires Damen Tug Boats for Khalifa Port

Abu Dhabi Marine Services “Safeen”, the marine services subsidiary of Abu Dhabi Ports, announces the purchase of two new state-of-the-art tugboats from Damen Shipyards Group aimed at supporting the AED 10 billion] expansion of Khalifa Port, Abu Dhabi Ports’ flagship deep-water port.The purchase of the DAMEN ASD 2411 tugboats was announced at the Abu Dhabi International Boat Show 2018. The contract was signed by Captain Adil Ahmed Banihammad, Acting Chief Marine Services Officer at Safeen, and Pascal Slingerland, Regional Sales Director for Damen Shipyards Group.

Photo: COSCO Shipping Ports

COSCO Shipping Ports Revenue Surged by 62.6%

COSCO Shipping Ports said that its revenue  for the three months ended 30 September 2018  surged by 62.6% to US$253.0 million. The net profit for the same period rose by 11.8% to US$75.1 million.The  ports operator in a press release also said that the revenue for the nine months ended 30 September 2018 was surged by 73.5% to US$748.4 million where as adjusted net profit rose by 46.6% to US$244.1 million,For the nine months ended 30 September 2018, the Group’s total throughput increased by 20.6% to 87…

Pic: PSA Singapore Terminals

Cosco-PSA Terminal JV Adds Two New Berths in Singapore

China's Cosco Shipping Ports and PSA Corporation signed a memorandum of understanding (MoU) for the addition of two new berths at the Cosco-PSA Terminal in Singapore.With the launch of the two new berths, CPT will be equipped with five mega-vessel berths, increasing its annual handling capacity from 3 million TEUs of the current three berths to about 5 million TEUs.The new berths will strengthen CSP’s presence in Singapore and support the needs of Cosco Shipping group with the advent of mega-vessels and megaalliances in the shipping industry.

Pic: CMA CGM

Ocean Alliance Unveils Day 3 Product

The world’s largest operational agreement between shipping companies Ocean Alliance -CMA CGM, COSCO SHIPPING, Evergreen and OOCL - has announced the launch of their Ocean Alliance Day 3 Product starting April 2019."Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, signs with his partners the launch of Ocean Alliance Day 3 Product, which will start in April 2019," said a press release from the shipping group.On the occasion of this announcement, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group…

Shipping industry executives initiate blockchain consortium at a signing ceremony. Photo: CargoSmart Ltd.

Global Shipping Business Network on Blockchain Platform Launched

Nine leading ocean carriers and terminal operators today signed a formal statement of intent for a Memorandum of Understanding (MOU) to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology.According to a statement, the participants include COSCO Shipping Lines, CMA CGM, Evergreen Marine, OOCL, Yang Ming, DP World, Hutchison Ports, PSA International and Shanghai International Port, as well as software…

HH Sheikh Hamed attends opening of the CSP Abu Dhabi Terminal at Khalifa Port 3 (Photo: Abu Dhabi Ports)

CSP, Abu Dhabi Ports Partner

COSCO SHIPPING Ports and Abu Dhabi Ports inaugurated CSP Abu Dhabi Terminal at Khalifa Port; positioning Abu Dhabi as the regional hub for COSCO’s global network of 36 ports and further connecting the Emirate to the major trade hubs along the Belt and Road Initiative (BRI).The deepwater, semi-automated container terminal includes the largest Container Freight Station (CFS) in the Middle East, covering 275,000 square meters. It offers facilities for full and partial bonded container shipments…

Pic: Cosco Shipping Ports

Cosco Shipping Ports Buys Stake in Beibu Gulf Port

Hong Kong-based Cosco Shipping Ports has purchased a 4.34% stake in Shenzhen-listed Beibu Gulf Port Co for a total consideration of approximately RMB 470 million (USD 68 mln)."By subscribing the shares, Cosco Shipping Ports aim to further strengthen the cooperation with Beibu Gulf Port, and lay a foundation for the Company to participate in the integration of Guangxi ports. At present, Cosco Shipping Ports teams up with Beibu Gulf Port in operating Qinzhou International Container Terminal Co.…