Tag: COSCO

Chinese shipping giant COSCO is interested in investing in Croatia's main Adriatic port of Rijeka Chinese shipping giant COSCO is interested in investing in Croatia's main Adriatic port of Rijeka, a top company official said on Monday after meeting Prime Minister Zoran Milanovic."It is interesting for us in terms of (getting a) concession" to manage Rijeka port, on the northern Adriatic coast, COSCO chairman Wei Jiafu told national radio in comments translated into Croatian.He spoke after a COSCO delegation met with Milanovic to discuss their interest in Rijeka which they hope could serve as China's main link with central Europe and significantly shorten transport time for Chines products destined for the region.Milanovic pledged that his government would do all it could to "remove obstacles to (Chinese) investments," referring notably to Croatia's complicated and lengthy administrative procedures."So far there were a lot of talks (between the two sides), now is the right time to put them into action," he said in a statement.Apart from investing in Rijeka, COSCO was also interested in a railway linking the port via the capital Zagreb with the Hungarian border, radio quoted Transport Minister Sinisa Hajdas Doncic as saying.The link would require investment of some three ...

China Cosco Shipping reported a 98.48% fall in profits in Combined first-quarter net profit of China's largest non-financial state-owned enterprises dropped 13.6% from a year ago to 181.4 billion yuan (US$28.78bil), a state-owned asset watchdog said yesterday, reflecting a slowing economy.The weak reading was expected after firms like China Cosco Shipping reported a 98.48% fall in profits in the first quarter after a record full-year loss in 2011.China's economic growth dropped to 8.1% in the first quarter of 2012, the weakest reading since the global financial crisis of 2008-09.The State-owned Assets Supervision and Administration Commission said profits of the 118 enterprises, including China's state oil giants and telecom operators, in March alone, however, were strong at 82.6 billion yuan, or 50.6% higher than February's.Combined profits of state enterprises in the first quarter of 2009 plunged 41.8% from the same period a year earlier to 119.5 billion yuan when China was hit hard by global financial turmoil.While national industrial champions, such as Petro-China and China Mobile, are regarded by Beijing as the backbone of the economy, independent economists argue that the expansion of government-controlled enterprises has impeded growth of private businesses in the world's No. 2 economy.The profits made by the ...

Strategic cooperation on ship energy efficiency management On April 10, China Classification Society (hereinafter referred to as CCS) and China COSCO Bulk Shipping (Group) Co., Ltd. (hereinafter referred to as China COSCO Bulk) signed an energy efficiency service agreement in Beijing, in a bid to strengthen and promote bilateral strategic cooperation on ship energy efficiency management.According to the agreement, the three ship management companies under China COSCO Bulk, i.e., COSCO Bulk, COSCO Qingdao and COSCO Shenzhen, will establish their own energy efficiency management system as per relevant requirements, carry out research on energy saving management, technology and operation, and implement energy efficiency management plan in the companies and on their ships, so as to improve energy efficiency and reduce energy consumption and thus cost. Based on related international and national requirements as well as CCS Rules for Certification of Ship Energy Efficiency Management, CCS will conduct audit to the energy efficiency management system of the three companies as well as of their ships.CCS President Mr. Sun Licheng made an address at the signing ceremony, saying that it was a significant move to promote China's shipping industry's compliance with the requirements of international conventions, and provided a practical approach and direction ...

Cosco, K Line, Yang Ming, Hanjin and Evergreen Line join forces Cosco, "K" Line, Yang Ming, Hanjin and Evergreen have agreed to initiate individual cooperative arrangements on Asia-Europe trades starting from April 2012 as announced last December.This cooperation between the four CKYH Lines and Evergreen Line is designed to offer customers best sailing frequency, transit time and service coverage so as to fulfill customers' needs.These bilateral arrangements will be implemented in 8 weekly services for Asia - North Europe and 4 for Asia - Mediterranean including direct services for Asia - Adriatic regions calling Rijeka, Koper and Trieste.Especially, weekly services for Asia - North Europe, which in fact, offer the highest frequency in the market, will also provide very attractive transit times from Asia to major European ports including Rotterdam, Hamburg and Felixstowe (i.e. 26-27 days from Shanghai/Ningbo and 23-24 days from Yantian).The majority of the fleet operated in these total twelve loops will be ranging from 8,000TEU to 13,000TEU sizeSource: K Line

COSCO recognised for its contribution in helping ailing US economy and job market China Ocean Shipping (Group) Company, or COSCO, the largest shipping group of China, has been recognized in Massachusetts for its contribution in helping the ailing US economy and job market.The recognition comes a decade after the State-owned Chinese company opened a direct service between China and Boston, saving about 9,000 jobs in the New England area.In March 2002, COSCO decided to open a direct vessel service to the Port of Boston after the Danish shipping giant Maersk Line, part of AP Moller-Maersk Group, closed its lines to the port.Over the past 10 years, COSCO's cooperation with the Massachusetts Port Authority (Massport), known as the "COSCO-Massport model", has preserved more than 34,000 jobs, said David Mackey, the interim CEO of Massport.On March 2, the 10th anniversary of the start of the service, COSCO's Chairman, Captain Wei Jiafu, received an "International Business Leader" award from the Coalition of New England Companies for Trade in recognition of the Chinese company's continued support."In the last 10 years as the global economy rose and fell, through good and bad times, no matter what, COSCO kept its promise and remained at the Port ...

Chinese carriers look to expand partnership to trans-Pacific, Asia-Europe lanes Cosco Container Lines and China Shipping Container Lines are looking to expand their vessel sharing agreements on China coastal and intra-Asia trade lanes to other routes, said Capt. Wei Jiafu, chairman of the Cosco GroupThe two Chinese carriers are discussing the possibility of extending their cooperation to the trans-Pacific and the Asia-Europe trades, Wei said in an interview on the eve of the 13th annual Journal of Commerce Trans-Pacific Maritime Conference in Long Beach."China Shipping and Cosco are both Chinese companies, so why not shake hands," Wei said. "We shake hands with Hanjin and "K" Line and Yang Ming in the CKYH Alliance so why not shake hands with China Shipping? We are brothers."He said the closer cooperation between China's two major container lines had come about because of changes in top management. Wei said the president of Chine Shipping had been Cosco's vice president and the new president of Cosco is a former vice president of China Shipping.Wei, who the keynote speaker at the opening day of the TPM Conference said that the losses reported by most major carriers last year means that carriers need to start cooperating more ...

From a European Company COSCO (Guangdong) Shipyard Co., Ltd (a subsidiary of the Company's 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), has secured a contract from a European company to build a bulk carrier of 35,000 dwt.The vessel is scheduled for delivery in the first quarter of 2013. Separately, COSCO (Zhoushan) Shipyard Co., Ltd (which is also a subsidiary of COSCO Shipyard Group Co., Ltd.) has secured two contracts and four option contracts from another European company to build a total of six units of 64,000 dwt bulk carriers with eco-friendly and fuel-efficient designs.The two contracts will become effective following approval from the shipbuilder's board of directors.Delivery of the two vessels is expected to be in the first quarter and the second quarter of 2014 respectively. Upon the approval of the two contracts, the shipowner has the option to declare two of the option contracts to become effective within 12 months and the other two option contracts to become effective within 24 months. Delivery of the vessels under the option contracts is expected to take place within 18 months after the option contracts become effective.The Company will make announcements as and when the shipbuilding contracts and/or the option contracts ...

The project is expected to transform the entire balkan peninsula Under the pale winter sun, a yellow cargo truck rumbles by and turns into a narrow road filled with potholes. Nearby, a ragged scarecrow balefully stands guard over a scrubby patch of broccoli. A little further off, an immigrant pushes a supermarket trolley filled with scrap metal next to a herd of sheep grazing by a metal container.Welcome to Greece's main logistics hub, the Thriasio Plain. An ugly sprawl sandwiched between three mountains and the pungent Elefsina Bay, the land of Persephone has for decades hosted the bulk of the country's heavy industry. Now the area -- which contains the towns of Elefsina, Aspropyrgos, Mandra and Magoula -- lies at the core of a grand plan for an economic reboot of the debt-wracked nation.After signing a deal with the Greek government in 2010 to run part of Piraeus, the country's largest port and strategic gateway for bringing Chinese goods into Europe and beyond, the China Ocean Shipping Company, or Cosco, is reportedly interested in acquiring a big chunk of land on the nearby plain of Thriasio to be used as a major freight and logistics center. Loaded with ambition, the ...

Agreement for the acquisition of a Maritime Crew Resource Management Cosco Maritime (UK), part of one of the world's largest shipping groups, has signed an agreement with Oxford Aviation Academy (OAA) for the acquisition of a Maritime Crew Resource Management (MCRM) licence to deliver training at its Shanghai Training Centre, China. In addition to providing MCRM training support to Cosco's instructor team, OAA training materials will also be translated into Mandarin Chinese.OAA's MCRM training programme is a human factors training course, based on the core principles of aviation Crew Resource Management (CRM). Established for almost 20 years, MCRM deals with the psychology and interpersonal skills required by crew to operate safely onboard vessels. Independent behavioural analysis has proven that the training programme delivers significant improvements in crew attitude and behaviour to safety.OAA became the first organisation in the world to have its MCRM course certified by Det Norske Veritas AS (DNV) against the Manila 2010 requirements for BRM and Engine Resource Management (ERM) training at the operational and management levels that came into effect in January 2012.Shicheng Yang, CEO of Cosco Maritime (UK), said: "We believe OAA's MCRM product to be first class and want our training to reflect the ...

China's biggest container lines to enlarge space-swap arrangements as Asia-Europe shake-up continues China's two biggest container lines are to work more closely together as an extensive shake-up of the Asia-Europe trades continues.According to a report in IFW's sister publication, Lloyd's List, Cosco Container Line and China Shipping have unveiled plans to expand their space-swap arrangements next year. The agreement covers both the North Europe and Mediterranean trades.The announcement comes amid speculation that China Shipping is in talks with the CKYH alliance, which includes Cosco, about a partnership arrangement.The new space-swap agreement between Cosco and China Shipping covers three services operated by each line, but it is unclear whether this deal involves all the CKYH members.China Shipping is thought to be in talks with partner Evergreen and members of the CKYH consortium about a six-strong co-operative arrangement covering the Asia-Europe trades that would offer a powerful alternative to the new alliances now being formed by other global carriers.Talks are understood to be under way between the various parties, although no final conclusions have yet been reached.But should China Shipping decide to work with the CKYH group of Coscon, K Line, Yang Ming and Hanjin Shipping, it would be able to contribute ...