Under the sidelines of Chinese President Xi Jinping visit to Athens, Greece and China inked an agreement to boost port of Piraeus with 600 million euros by COSCO shipping; The agreement is part of 16 trade deals signed between the two countries.
COSCO, China’s state-run shipping conglomerate has debuted a cross-industry treaty during the World Shipping Summit in Shanghai with the aim to strengthen collaboration among actors from different sectors within the industry. The first batch of companies to join the initiative are Cosco Shipping, Maersk, Evergreen, CMA CGM, Yang Ming, Seaspan, Zeebrugge Port, Shandong Port Group, China Grain Reserves, BIMCO, Chalco Logistics, Kawasaki Heavy Industries, China Mobile and China FAW.
A Novatek official reported to Reuters that Novatek, the Russian liquefied natural gas (LNG) producer is looking to tranship its Yamal cargoes in Norway or Russia’s Murmansk, as the company is still unsure of its shipping activities, following the US’s sanctions on the Chinese COSCO tankers.
Unaffected from the ongoing trade war between China and the US, COSCO Shipping Ports published its first six months of this year results, highlighting an overall throughput increase of 5.4% year-on-year.
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.
China COSCO Shipping Corporations (COSCOCS) conducted a naming ceremony for its sixth Valemax very large ore carrier (VLOC) in Yangzhou on Thursday, April 18. The 400,000 dwt ‘Yuan Shen Hai’ is one of ten VLOCs Shanghai Waigaoqiao Shipbuilding (SWS) will deliver to COSCO under a contract 2016.
One of the world’s largest container vessels, ‘COSCO shipping Pisces’, that has a capacity of 20.000 TEU, was docked at Piraeus port on February 15, after voyaging for one month from China. This is the vessel’s first voyage, after its delivery on January 15.
French container shipping company CMA CGM announced the launch of the Ocean Alliance Day 3 Product, along with its partners in the Ocean Alliance, COSCO Shipping, OOCL, and Evergreen. A total of 330 ships will be deployed under the new service, which is expected to start from April 2019.
Cosco Shipping Ports Limited announced in its statement that COSCO-HIT Terminals (Hong Kong) Limited, Asia Container Terminals Limited, Hongkong International Terminals Limited and Modern Terminals Limited entered into a Hong Kong Seaport Joint Operating Alliance Agreement. The collaboration aims to efficiently manage and operate the Kwai Tsing Port in Hong Kong, the ‘Combined Terminal Facilities’.
When Cosco took over the operation of the port of Piraeus, running the shipyard has been the first project since 2016. Cosco chose Piraeus to be China’s gateway to Europe, under the Belt and Road Initiative, as well as other ports, increasing trade between the continents.
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