Tag: COSCO

Industry pressure behind Vale's decision on mega ships China's campaign to protect its maritime industry during a severe downturn will become more costly for foreign companies as Beijing grabs a bigger slice of the profits for shipping iron ore, coal and grains to the world's second largest economy.China's shipping sector -- led by state-owned COSCO Group -- has become one of the world's most influential with its fleet more than doubling over the last decade, matching the country's appetite for commodities and raw materials.The global economic slowdown, however, has led to an oversupply of vessels and low freight rates, forcing Chinese shipping companies to take audacious action to support their businesses.COSCO has demanded shipowners reduce the rental costs for their ships, while also piling on the political pressure for Beijing to stop competitors from entering the country."Being the key import country in the dry cargo business and almost everything else, they want to throw their weight around and secure more of the business themselves," said Anders Karlsen, analyst for Nordea Markets.COSCO, China's top maritime conglomerate, recently angered many in the freight community by unilaterally halting payments for vessels it had chartered, so it could renegotiate better terms.In response, shipowners threatened ...

s 246.8 metres in length overall, 42 metres in breath and 22.5 metres in depth COSCO (Nantong) Shipyard has delivered a second shuttle tanker 'Recife Knutsen' for Norwegian owner Knutsen Oas Shipping. The 105,000DWT vessel measures 246.8 metres in length overall, 42 metres in breath and 22.5 metres in depth. Continued growth and a rapidly expanding harbour have led to a record-breaking year for Port Hedland, in the Pilbara region of Western Australia, which continues to hold the position of the world's largest bulk export port.

COSCO has resolved lease disputes with shipowners on 18 vessels Brazilian mining giant Vale said it did not experience any lease dispute with shipping conglomerate China COSCO Holdings Co Ltd's and it was business as usual between the two firms.China's top shipping conglomerate has sought better terms for lease contracts signed during the peak of the market in 2008, but its decision to halt payments to several shipowners in recent weeks has threatened to taint its reputation in the international shipping community.Vale was not one of those companies and its working relation with the Chinese shipping firm is still intact, the miner said."We did not register any problems with Cosco recently," Vale's global marketing director Pedro Gutemberg told Reuters. "It is business as usual."China COSCO Holdings Co Ltd's president said last week the company had resolved lease disputes with shipowners on 18 vessels, and at least two Greece-based shipowners said they hoped to reach a settlement soon.Source: Reuters

New vessels on order amounting to 45 per cent of the current fleet The dry bulk shipping market is being hit by an oversupply of vessels and slower world trade.The deteriorating market has hurt operations at companies such as China COSCO​, which has had vessels seized for non-payment.There are just too many ships and the oversupply will worsen, with new vessels on order amounting to 45 per cent of the current fleet.This is a stark contrast to the 6 to 7 per cent trade growth some analysts forecast.The expected result is more companies going under, and new-order cancellations.Divay Goel, general manager of Siva Ships International, said: "If the global economic slowdown spreads to India and China, then definitely we would see a reduction in demand for raw materials...then we might see a further depression of rates - continued depression of rates - so I think any recovery we were expecting say in 18 months or so might get extended up to 24 months or later."Already, international shipping prices of dry bulk cargo are down by 85 per cent since the highs in 2008.China COSCO is said to be feeling the heat, though it has sought to reassure investors that its ...

Maersk saw its container shipping unit slide into the red this quarter Ocean freight leaders like Maersk and COSCO will likely see shipping capacity outgrow trade demand.Many global economic experts view container shipping as an economic bellwether, pointing to international shipping traffic as a leading indicator when talking about future economic prospects.If that's true, we could be in for a double-dip recession after all. Global shipping leader A.P. Moller-Maersk saw its container shipping unit slide into the red this past quarter, lowering economic expectations around the globe.Bunker fuel prices have skyrocketed, while freight rates have dipped approximately 30 percent to an unsustainable level, according to The Wall Street Journal.Maersk controls about 16 percent of the world's total shipping market and operates 500 ships around the globe. The company has ordered a full line of larger container vessels called Triple-E ships, the largest container vessels ever built, which will grow shipping capacity to a dangerously large level.In 2011, capacity for Maersk will grow by an estimated 8.5 percent, with a similar growth pattern in 2012. Then, when the first wave of its Triple-E container ships arrive, Maersk will see its capacity increase by 10.2 percent.During a growing economy, this wouldn't be ...

Ma Zehua replaces Wei Jiafu who remain chairman of the company China COSCO Holdings Co Ltd , the country's top shipping conglomerate, will name China Shipping Group vice president Ma Zehua as chief executive on Wednesday, a company official told Reuters.Ma replaces 61-year-old Wei Jiafu who is stepping down as CEO, but will remain chairman of the company."This is a role change for Capt. Wei," said the COSCO official, who asked not to be identified."The action has nothing to do with his capabilities or his business performance, but because of his age. This is normal for state-owned enterprises."COSCO warned this month it would likely make a net loss in the first half of this year due to falling freight rates and high oil prices.In the first six months of last year, COSCO reported a net profit of 3.45 billion yuan ($536 million).Source: Reuters

Plans to build 40 new semisubmersible heavy-lift vessels Cosco Shipping plans to build 40 new semisubmersible heavy-lift vessels over the next five years to replace older vessels at a cost of US$1.5 billion, Breakbulk reports.The renewal program is timed to coincide with the growing demand for offshore wind development and a revival of offshore oil and gas exploration, according to international reports."We are carrying more and more equipment for wind farms. We carry a lot of this type of equipment," Guo Jin, Cosco Shipping's chief operating officer, told reporters following the June christening of the 48,231-deadweight-tonne Xiang Rui Kou at Guangzhou Shipyard International.Cosco Shipping is considering "even bigger" semi-submersible vessels of 80,000-100,000 dwt.The firm has 10 multipurpose vessels, of approximately 27,000 dwt on order for delivery this year and in 2012.Up to 40 newbuilds will be added to Cosco Shipping's fleet by early 2015, reducing the average age of its fleet from 17 years to between eight and 10 years.Source: Portnews

Taking measures to protect its ships Chinese shipping giant Cosco Shipping will spend $12 million on armed guards and other measures to protect its ships, a report said Thursday, after the UN warned of a growing threat from pirates.The firm, China's largest shipping company, said it would spend the money this year on bullet-proof vests and on-board equipment to deter attacks and protect its ships and crews in the Gulf of Aden and the Indian Ocean."We don't want to injure people... but we have to protect ourselves," Cosco Shipping's chief operating officer Guo Jin told the South China Morning Post, describing the use of armed guards as a "difficult issue".He said the measure was necessary for its ships when they were unable to avoid high-risk areas off Somalia, adding that the firm was keen on hiring British security companies which use former Special Air Service troops or Royal Marines.Cosco Shipping owns 20 Hong Kong-registered ships and 60 others in mainland China and elsewhere, according to the report. Cosco Shipping officials in Hong Kong declined comment when contacted by AFP.The UN Security Council last month warned that Somali pirates were attacking growing numbers of ships in the Indian Ocean, and the ...

The ship is one of the two Cosco operates COSCO Shipping recently held a naming ceremony before China's first designed and built ro-ro car carrier set sail on its maiden voyage from Shanghai to Brazil.The 5,000-car capacity vessel was loaded with 4,380 Chinese cars and engineering vehicles, and set sail for Brazil, establishing a new record for the number of vehicles loaded on a made-in-China car carrier.The ship is one of the two Cosco operates. It is 182.8 metres long, 32.2 metres wide, has 12 decks for cars with 5,276 slots, and can sail at 20 knots. It is the most advanced car carrier a Chinese shipping line has ever put into service. The other ship was put into service in February.After the world economic downturn in 2008, China rolled out supportive policies for the domestic automobile industry and stimulated rapid development. According to statistics from China Association of Automobile Manufacturers, China made 18.3 million cars and sold 18.1 million in 2010, both were No 1 in the world.China started large volume exports of Chinese cars in 2005 and exported 168,000 that year. The figure reached its peak before the 2008 financial crisis at 656,000 and shrank until recovery in ...

Aims to encourage the technological innovation of COSCO Shipyard and develop innovative ideas Recently, COSCO Shipyard launched a creative design contest for the green ship of the future. The purpose of this creative design contest was to encourage the technological innovation of COSCO Shipyard and develop innovative ideas for future ship designs.The contest attracted attention from both professional technical staff and production and management personnel from the COSCO Shipyard Group. In accordance with the competition requirements, all design work was required to consider ship types of the future, and ensure that fully integrated and environment-friendly, economic and safe concepts were tabled. On May 10, the Evaluation Committee judged the 23 shortlisted designs.Finally, the jury awarded the first prize to two designs, the 5000TEU hybrid high-speed containership by the COSCO Zhoushan Shipyard Department of Design and Future Water City by COSCO Nantong Shipyard technology department.Source: Cosco Shipyard