COSCO

MOL signs MoU with COSCO expanding relations on LNG projects

Mitsui O.S.K. Lines, Ltd. (MOL) signed a Memorandum of Understanding with COSCO SHIPPING Energy Transportation Co., Ltd., that boosts they’re already existing cooperation for future LNG carrier projects and Ethane carrier projects.

Shipping giants take part in new data exchange platform

Shipment management software solutions provider, CargoSmart, announced the execution of Global Shipping Business Network (GSBN) Services Agreements with maritime industry operators CMA CGM, Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group.

Tianjin container terminals merge

COSCO Shipping Ports Limited announced that its two wholly-owned subsidiaries, COSCO Ports (Tianjin) Limited (CP Tianjin) and China Shipping Terminal Development Co., Ltd., entered into a merger agreement with Tianjin Port Holdings and CM Terminals, as of 30 June. 

COSCO to equip 10 container ships with scrubbers

Valmet announced that it will supply scrubbers for ten container ships of COSCO SHIPPING Lines Co., Ltd. The scrubber systems will be installed in existing ships in China in 2019. The project is being performed in co-operation with Health Lead Development Ltd.

Former UBS China banker receives 9-year sentence in jail for insider trade

A former UBS banker in China has been sentenced to nine years in jail by a Shanghai court, on the grounds of disclosing inside information regarding an acquisition deal in 2017. Documents show that the UBS banker shared information with two associates about a Chinese shipping firm’s acquisition of a Hong Kong company. Though it did not name the companies, Chinese media and the Wall Street Journal noted that it was Cosco Shipping’s $6.3 billion acquisition of Orient Overseas Container Line.

Russia, China sign agreement to boost operation in the Arctic

During the 2019 St. Petersburg International Economic Forum, Novatek, Sovcomflot, Cosco Shippinh Corporation Limited, and the Silk Road Fund Co., Ltd, signed a four-party agreement to establish a joint venture Maritime Arctic Transport LLC. The focus of the Maritime Arctic Transport joint venture is to manage an icebreaking tanker fleet of Arctic ice-class vessels.

Khalifa Port welcomes two of the world’s largest mega-vessels

CSP Abu Dhabi Terminal at Khalifa Port has received two of the world’s largest mega-vessels within less than a month. The two COSCO-owned ships, ‘SOLAR’ and ‘PISCES’, are the third and fourth main line vessels to pass through CSP Abu Dhabi Terminal.

COSCO plans several Arctic shipments for 2019

COSCO confirmed its plans to increase transit shipments on the Northern Sea Route. The shipping giant aspires to operate in the Polar Silk Road and serve international trade between the North Atlantic region and the far east. Explaining why COSCO chose the Northern Sea Route, Chen Feng, General Director of COSCO Marketing and Sales, said that this route is smooth and fast.

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