COSCO

Greece, China ink 16 trade agreements

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.

European refiners boosted from US shipping sanctions

After the US imposed sanctions on subsidiaries of Cosco, European refiners have received an unexpected boost, as less crude oil from the North Sea and West Africa heads east, Reuters reports. What is more freight rates have risen as oil producers seek non-blacklisted vessels.

Oil tanker rates exceed $12 million

Freight rates to ship US crude to Asia are still on the rise, with costs to charter a supertanker increasing to a record $12 million on October the 3rd. This development comes as an aftermath of US’s sanction against two units of COSCO, alleging that they were involved in transporting crude out of Iran.

Piraeus’ port plans ready, awaits Gov’s approval

Reuters reports that Piraeus Port Authority boost its investment plans to lure more businesses. The majority of the port is owned by China’s COSCO shipping, who hopes to make Piraeus port into its gateway to Europe. 

COSCO’s container volumes see a further increase

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.

OOIL, JD Logistics invest in COSCO’s Eshipping platform

Hong Kong-based OOIL announced the signing of an investment and cooperation agreement, through its subsidiary Gold Talent, with COSCO Shipping Logistics and JD Logistics, pursuant to which the Parties have agreed to establish a joint venture investing in COSCO’s online logistics platform Eshipping.

Yilport discusses with COSCO for Long Beach Terminal

Turkey’s Yilport Holdins SA is under discussion to purchase a container terminal in Long Beach, California. The discussions are between Yilport’s businessman, Robert Yuksel Yildirim, and terminal owner Cosco Holdings Co. Yet, the discussions weren’t exclusive as there were at least two more bidders.

Port of Piraeus ‘the world’s fastest growing port’

Chinese Cosco Shipping Ports (CSP) has set its eyes to make the Port of Piraeus, Greece’s major port, the largest port in the Mediterranean in one and a half years, at the same time that freight traffic is expected to increase by 35% within this year only. 

OOIL positive that deal with Cosco will create an industry leader

Orient Overseas announced its 2018 Interim Results, with outgoing Chairman of OOIL, Mr. C C Tung commenting on the upcoming merger with Cosco. Mr. C C Tung seemed optimistic about this development and noted that this transaction will offer many opportunities to both the companies.

Cosco finalized OOCL acquisition

Orient Overseas International informed that Cosco and SIPG acquired Orient Overseas Container Lines. The proposed takeover will cost $6.3 billions. Earlier this month, Cosco had received the decision from the Anti-Monopoly Bureau of the State Administration for Market Regulation of China, not to prohibit the offer.

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