Tag: COSCO

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

Carrying a shipload of 4,380 cars "ZhongYuanTengFei," China's biggest car carrier of China Ocean Shipping Company, also known as COSCO, with a capacity of 5,000 automobiles, sailed from Shanghai to Brazil on June 10. It carried a shipload of 4,380 cars, mostly domestic brands, including JAC Motors, Chery Automobile, Sany Group and Lonking Product. It set a record for the heaviest carrying capacity in one time for a Chinese-made cargo ship. The demand for automobile exports has ballooned as China's auto industry is developing rapidly. According to statistics, Chinas total export volume of automobiles in the first quarter of 2011 reached 230,000, and with this trend, it is estimated that China will sell about 700,000 cars this year.Source: People's Daily Online

Ore imports dropped last year for the first time about 9 million tonnes Indications are growing that throughput at China's ports is slowing down and that imports of iron ore could weaken, a senior executive with China COSCO Holdings Co Ltd said on Tuesday.Simon Young, chief executive of COSCO UK, a unit of China's top shipping conglomerate, said China's iron ore imports dropped last year for the first time. "It was only a 9 million tonne reduction, but that could be a very strong signal," he told a Navigate shipping conference."Throughput at the ports also show signs of slowing down." Young said overall throughput at Chinese ports saw growth of 14.3 percent in the first quarter of this year compared with almost 20 percent for the same period last year. Economic data from China, the main contributor to world demand growth for the past two years, has raised investor worries of a "hard landing", or sharp slowing. But many leading banks, including HSBC and Standard Chartered, say such fears are exaggerated.Recent output data suggested China's gross domestic product was still growing at a 9 percent clip, while waning inflation could give Beijing room to prop up growth if needed. Ship ...

Aiming at high-efficiency ship type and emission reduction Normal 0 false false false EL X-NONE X-NONE On May 24, China Classification Society (CCS) and China Ocean Shipping (Group) Company (COSCO) signed a strategic cooperation agreement in Beijing, aiming at meeting the future trend of international shipping development and carrying out a comprehensive strategic cooperation in developing high-efficiency ship type, establishing technical standards for energy saving and emission reduction, R&D in energy saving and environmental protection technology, ship energy efficiency management certification, ship environmental rating certification, energy management system certification, pilot application of Maritime Labour Convention 2006 in COSCOs fleet, implementation of the International Convention for the Safe and Environmentally Sound Recycling of Ships, as well as deepening cooperation in information network, information platform and information sharing.According to the Agreement, CCS will make the best of its own capability as well as technical and information resources both at home and abroad to fully support COSCO to realize its goal of diversified businesses in shipping, shipbuilding, ship repair and logistics as well as its vision of "building up a century-old COSCO" and creating 10b RMB benefit. In the process of its business development and expansion, COSCO will render substantial support to CCS, ...

The incident was minor and the ships sustained only cosmetic damage The Gibraltar Maritime Administration has launched an investigation after a Chinese cargo ship bumped into a tanker used for floating storage by a Gibraltar bunker operator.The incident was minor and the ships sustained only cosmetic damage. One source said the ships had touched.But officials were keen to establish what went wrong in order to avoid any such incident in the future.The vessel Jing Gang Shan, operated by the Chinese state-owned company COSCO, had called at Gibraltar for bunkers and was sailing out of the bay early in the afternoon after taking on fuel.In doing so, the vessel appears to have made contact with the tanker Aeolos, which is used as storage by the Greek company Aegean Bunkering and was anchored in the bay.The Chinese vessel was ordered to return to Gibraltar and detained by the maritime authority pending the outcome of its investigation.The incident comes just months after the ports new vessel traffic monitoring system came into operation.The system is designed to prevent precisely this sort of incident from occurring, hence the need to investigate why the Chinese ship came so close to another anchored vessel.Source: Gibraltar Chronicle

A boarding party has now confirmed that the pirates have left A Cosco bulker has survived a scrape with Somali pirates almost two years after being involved in a high-profile casualty off Norway.The Full City grounded on the rocks off Langesund, spilling oil in 2009.Armed pirates using two skiffs attacked the 26,800-dwt Full City early this morning in the Southern Arabian Sea, sources say.They managed to board the vessel and there were some suggestions the ship had been hijacked.Indian, Chinese and NATO warships raced to the scene and a boarding party has now confirmed the pirates have left.The Full City was en route from Jeddah to India when the attack took place.The 1995-built bulker made headlines in the summer of 2009 after running aground off Norway.An estimated 300 tonnes of fuel oil was spilled in the accident after it dragged its anchor while sheltering from a storm.The master was sentenced to six months in jail for his role in the saga.Source: Tradewinds