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Friday, October 18, 2019

Cosco Shipping News

AdobeStock / © Jose Gill

U.S. Sanctions Bite; Traders Shun 300 Tankers

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

AdobeStock / © Kasto

CNOOC Seeks Replacements for Sanctioned COSCO LNG Tankers

China National Offshore Oil and Gas Company (CNOOC) is on the hunt for liquefied natural gas (LNG) tankers to charter, several industry sources told Reuters, looking to replace ships it had previously hired that are linked to a Chinese company sanctioned by the United States for allegedly transporting Iranian oil.The company, COSCO Shipping Tanker (Dalian), is one of four Chinese firms on which the Trump administration imposed sanctions on Sept. 25, in what it described as the biggest sanctions taken by the U.S.

File Image: A Piraeus cruise terminal berth (CREDIT: AdobeStock / © anastasiia Usoltceva)

Greece Trims Piraeus Port investment plan

Greece has trimmed an investment plan by Piraeus Port Authority (PPA) to boost operations at one of Europe's largest harbours, rejecting proposals for a new container terminal.PPA, majority owned by China's COSCO Shipping , had submitted to Greece's shipping ministry an 800-million-euro plan, which included a new cruise ship terminal, a mall and four hotels in the port.PPA had also proposed to build a fourth container terminal that would boost Piraeus' total throughput to 10 million…

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COSCO Tankers Disable AIS as Sanctions Bite

About one-third of the oil tankers owned by COSCO Shipping Tanker (Dalian) have shut off their ship-tracking transponders since the United States imposed sanctions on the company for allegedly shipping Iranian crude, shipping data showed.From Sept. 30 to Oct. 7, a total of 14 COSCO Dalian ships, six of which carry some oil, stopped sending location data from their automatic identification system (AIS), ship tracking data on Refinitiv Eikon showed. The U.S. imposed the sanctions on Sept.

Asian oil suppliers face high tanker charter rates following new U.S. sanctions against Chinese oil transporter COSCO. (Photo © Adobe Stock / Vladimir)

Oil Freight Rates Rocket After U.S. Sanctions COSCO

Oil freight rates in the Middle East and Asia have increased by almost 20 percent today following new US sanctions on units of Chinese company COSCO for its alleged involvement in ferrying crude oil out of Iran.In what the U.S. State Department has described as “one of the largest sanctions actions the U.S. has taken” since restrictions were re-imposed on Iran in November 2018, two units of COSCO, as well as other companies, were named in claims of involvement in sanctions-breaking Iranian oil shipments.Asian oil buyers have been rushing to the shipping market to charter vessels…

Wang Haimin. Photo: COSCO Shipping Corporation

Cosco Names New CEO for OOIL

Cosco-owned  Hong Kong containerline  Orient Overseas (International) Limited (OOIL)  said its chief executive Huang Xiaowen has resigned and Wang Haimin will succeed him.Executive director Zhang Wei has also resigned. OOIL said Huang and Zhang resigned due to "work commitments."Wang Haimin, aged 47, comes from Cosco, which recently acquired the Hong Kong-based company.Wang was elevated to the top management as a vice-president of Cosco Shipping in February, and became the vice-chairman of Shanghai-and Hong Kong-listed Cosco Shipping Holdings…

Feng Boming. Photo: Cosco Shipping Ports

Cosco Shipping Ports Names Feng Boming as Chairman

Cosco Shipping Ports (CSP), the biggest terminal operator in the world, has appointed Feng Boming as its new chairman, replacing Zhang Wei who has quit the position.Feng  Boming, a non-executive Director of the Company, has been re-designated as an Executive Director of the company and appointed as the Chairman of the Board.Zhang Wei confirmed that he had no disagreement with the Board and there was no matter relating to his resignation that would need to be brought to the attention…

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.

Photo courtesy of Piraeus Port Authority

Piraeus Port Beefs Up Investment Plan, Awaits Greece's Approval

Piraeus Port Authority (PPA), operator of Greece's largest port, has increased its investment plans to attract more business at one of Europe's largest harbours, a government spokesman said on Wednesday.PPA, majority owned by China's COSCO Shipping , has submitted to Greece's shipping ministry an 800-million-euro plan, government spokesman Stelios Petsas told reporters.A PPA official told Reuters that a ministerial committee will discuss the plan on Sept. 25 and is likely to approve it…

Pic: Yang Ming Marine Transport Corporation

Yang Ming Launches Japan-Thailand Service

Taiwanese ocean shipping company Yang Ming Marine Transport Corporation enhances its Intra-Asia service network by launching a new Japan–Thailand service (JT1) effective from September 11th, 2019.The JT1 service will call at Shimizu, Tokyo, Yokohama, Pusan, Laem Chabang. It will directly link Laem Chabang with Japanese ports and Pusan.The new weekly service will be added to Yang Ming’s network through a space swap program with Ocean Network Express Pte. Ltd.With the launch of JT1 complementing the existing two Japan–Thailand services…

DP World currently has five terminals in Dubai, three at the flagship Jebel Ali Port. Photo Credit: DP World

UAE Presence Grows in the Maritime World

Over recent years the United Arab Emirates has emerged as an important maritime hub with grand ambitions. Mark Venables visited the region to discover what is driving that growth.When the UAE was elected to the IMO Council as a Category B member, it immediately raised its profile within the maritime community. The Emirates have taken a significant step forward in the maritime world.Despite this success, the region remains a challenging market for shipping and logistics. One of…

Pic: COSCO Shipping

MacGregor Wins Contract for COSCO Fleet

Cargotec unit MacGregor has signed a framework purchasing agreement to supply spare parts to Cosco Shipping's fleet.Under the deal, MacGregor would provide spare parts and service of equipment installed on COSCO’s fleet of more than 1,000 ships operating worldwide.“We are looking forward to increasing our collaboration with COSCO Shipping,” says John Carnall, Senior Vice President, Global Lifecycle Support, MacGregor.“The framework agreement provides for the scope of support services supplied to COSCO Shipping to be further enhanced…

Map: American Association of Port Authorities

Port of Boston Sets New Record

The Massachusetts Port Authority (Massport) announced another record year for the Port of Boston’s Paul W. Conley Container Terminal.From July 2018 through June 2019, Conley handled 307,331 twenty-foot equivalent units (TEUs) – an 8% increase in cargo volumes over FY2018 and a new all-time record for the fifth consecutive year. Total imports also rose by 12% over FY18 to 152,960 TEUs in advance of pending tariffs.“We are proud of Conley’s continued growth and success, which reflect the region’s strong economy and Conley’s high levels of productivity…

Pic: Navis

CSP Zeebrugge Terminal Deploys Navis N4

The terminal operating systems (TOS) provider Navis announced  that CSP Zeebrugge Terminal, part of COSCO Shipping Ports, has successfully gone live with Navis N4.The unit 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, the terminal connecting European market will use N4 to focus on real-time data sharing and efficiency for better service.The terminal…

© Oleksii/Adobe Stock

Maritime Cyber Alert

For some years now, the maritime sector has experienced breaches of various computer and information technology (IT) systems. Primarily, these breaches have been collateral damage. The maritime sector has almost never been the intended target. That does not mean that the damage has been minor. In June 2017, A.P. Moller-Maersk suffered a major cyber-attack. The malware had been designed by Russian hackers to disrupt the Ukrainian power sector. Once released, though, it proved to be indiscriminate, infecting IT systems worldwide that had not been kept up to date. In the case of A.P.

Pic: CargoSmart

Shipping Majors Join CargoSmart Digital Initiative

The provider of software-as-a-service based shipping and logistics solutions, CargoSmart has announced the official execution of the Global Shipping Business Network (GSBN) Services Agreement with shipping majors.According to a statement from the shipment management software company, CMA CGM, COSCO Shipping, COSCO Shipping Ports (CSP), Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group have signed up with it.As per the agreement…

Photo: Valmet

Valmet Scubbers for 10 COSCO Boxships

Valmet will supply exhaust gas cleaning systems (scrubber system) for ten container vessels of COSCO Shipping Lines Co., Ltd. The scrubber systems will be installed in existing vessels in China in 2019.The project is executed in co-operation with Health Lead Development Ltd.The order was included in Valmet's orders received of the fourth quarter 2018 and second quarter 2019. The value of the order will not be disclosed.Details about Valmet's deliveriesThe scrubber system delivery…

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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.

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…

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…