COSCO

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.

Cosco container ship collides with ship in Vietnam

Cosco informed that its container ship CSCL Jupiter collided with another ship at Campem TCTT, in Vietnam, on 22 of August. Cosco’s container ship sustained damages, but no injuries, nor environmental pollution was reported. The ship is now expected to delay around one week because of temporary repairs.

MOL signs MoU with COSCO expanding relations on LNG projects

Mitsui O.S.K. Lines, Ltd. (MOL) signed a Memorandum of Understanding with COSCO SHIPPING Energy Transportation Co., Ltd., that boosts they’re already existing cooperation for future LNG carrier projects and Ethane carrier projects.

Shipping giants take part in new data exchange platform

Shipment management software solutions provider, CargoSmart, announced the execution of Global Shipping Business Network (GSBN) Services Agreements with maritime industry operators CMA CGM, Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group.

Tianjin container terminals merge

COSCO Shipping Ports Limited announced that its two wholly-owned subsidiaries, COSCO Ports (Tianjin) Limited (CP Tianjin) and China Shipping Terminal Development Co., Ltd., entered into a merger agreement with Tianjin Port Holdings and CM Terminals, as of 30 June. 

COSCO to equip 10 container ships with scrubbers

Valmet announced that it will supply scrubbers for ten container ships of COSCO SHIPPING Lines Co., Ltd. The scrubber systems will be installed in existing ships in China in 2019. The project is being performed in co-operation with Health Lead Development Ltd.

Former UBS China banker receives 9-year sentence in jail for insider trade

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.

Russia, China sign agreement to boost operation in the Arctic

During the 2019 St. Petersburg International Economic Forum, Novatek, Sovcomflot, Cosco Shippinh Corporation Limited, and the Silk Road Fund Co., Ltd, signed a four-party agreement to establish a joint venture Maritime Arctic Transport LLC. The focus of the Maritime Arctic Transport joint venture is to manage an icebreaking tanker fleet of Arctic ice-class vessels.

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