COSCO Investment Seeks New Opportunities

Monday, February 12, 2001
COSCO Investment (Singapore) Ltd. is looking at opportunities to invest in the shipping business in China and in Southeast Asia. These opportunities involve "outright purchase or co-investment," COSCO said. It noted that it had already located potential targets and started negotiations with relevant parties in China, but no final agreements have been reached. "It is intended that investments in shipping-related businesses in China will form a very significant part of COSCO Investment's business in the future," it said. The group said it would continue to expand its core dry bulk shipping business, and was close to reaching an agreement to sign contracts to take delivery of another two new ships in April and August. "Freight rates are reasonable at the moment and profit prospects are strong," it added. It said its Internet business unit, COSCO Network, will produce considerable cost savings for the group by enhancing its existing use of telecoms and procurement services. COSCO group companies have also guaranteed most of the anticipated revenue of COSCO Network, it said, adding that its prospects are "promising." - (Reuters)

Finance

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0707 sec (14 req/sec)