China Cosco News

China's Cosco Shipping confirmed that investment in Peru's Chancay port continues and that it expects a quick resolution to a pending question over exclusivity rights to the facility, a local executive told reporters on Tuesday.Carlos Tejada, the company's general manager in Peru, made the announcement at an international trade event in the capital Lima.Last month, the Asian shipping firm said it was evaluating the impact of a move by Peru's government to annul the exclusivity it holds over operations at the under-construction megaport, seen as a key driver of growth for the South American cou

A resolution to end a dispute between Peru and China's Cosco Shipping could come as soon as this week to ensure a megaport will start operations as planned by the end of the year, Peru's Prime Minister Gustavo Adrianzen said on Thursday.The Peruvian port authority said in Marchit hoped to annul its decision granting exclusivity of the port's operations to Cosco, citing an "administrative error."Cosco, which is investing $1.3 billion in the first stage of the terminal, has said the push affects the "security and legal stability of investments."On Thursday…

Interest in methanol as an alternative fuel has grown in the shipping industry, which seeks to achieve net-zero emissions by 2050.Below is a list of upcoming methanol bunkering-related projects by companies and ports:COMPANIES:A.P. Moller-MaerskMaersk received the world's first methanol-enabled container ship in July. It has 24 more such vessels on order to help it to achieve its goal of using low-emission fuels to transport a quarter of its volumes by 2030.HD Hyundai Heavy Industries expects to build a dozen more such vessels…

Denmark's Maersk said on Monday it has secured fuel for the world's first container vessel able to run on carbon-neutral methanol for its inaugural journey.Interest in methanol as an alternative fuel for bunkering has grown in the shipping industry, which seeks to achieve net-zero emissions by 2050.Below is a list of key upcoming methanol bunkering-related projects by companies and ports:COMPANIES:*A.P. Moller-MaerskMaersk has ordered 19 methanol-enabled ships to work towards a goal of transporting 25% of its ocean cargo using green fuels by 2030.

Berlin is reviewing its decision to allow China's Cosco to take a stake in one of logistics firm HHLA's three terminals at the Hamburg port, a spokesperson for the German economy ministry said on Wednesday.Responding to a question about the reported classification of Tollerort as critical infrastructure, the spokesperson said it was being determined whether and under what conditions Cosco would be allowed to take a stake in the terminal named Tollerort.The German cabinet gave Cosco the go-ahead to take a 24.9% stake in the port in October last year.German Chancellor Olaf Scholz gave the green

German logistics firm HHLA and Cosco are close to finalizing an agreement for the Chinese shipping giant to take a stake in a terminal at Hamburg's port, HHLA said on Friday."We can confirm that...

ABB has secured a contract with the Chinese shipyard COSCO Shipping Heavy Industry (Yangzhou) Co. Ltd., to equip 10 China COSCO Shipping Corporation Limited container vessels with its permanent magnet shaft generator systems. Due for delivery by the end of 2025, the order comprises systems for six 14000TEU vessels and four 16000TEU vessels."The International Maritime Organization (IMO) is introducing new regulatory standards – the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) – which will come into force in January 2023.

COSCO Shipping Holdings Co Ltd  said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers. The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) from its indirect controlling parent China COSCO Shipping Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port for 778.7 million yuan. COSCO Shipping Holdings also…

German Chancellor Olaf Scholz on Thursday stressed the need for Europe to diversify its relations to ensure it is not dependent on any one nation, a day after he pushed through a decision to let a Chinese firm invest in a terminal at the country's largest port.Businesses must ensure that they have multiple supply chains to obtain their goods and that their investments are not concentrated on just one country, added Scholz in a joint news conference with Greek Prime Minister Kyriakos Mitsotakis in Athens."Those who had not considered this carefully enough for a long time are doing it now in lig

Germany may allow China's Cosco to take a smaller stake than originally planned in a Hamburg port terminal, in what an economy ministry source on Tuesday described as an "emergency solution" to approve the deal but mitigate the impact.Shipping giant Cosco made a bid last year to take a 35% stake in one of logistics firm HHLA's three terminals in Germany's largest port, but the German coalition has been divided over whether to let the deal go ahead.The compromise would see Berlin approving a sale of 24.9% of the terminal to Cosco, several government sources said.

The European Commission warned the German government last spring not to approve an investment by China's Cosco into Hamburg's port, German daily Handelsblatt reported on Friday, citing sources.Shipping giant Cosco last year made a bid to take a 35% stake in one of three terminals in Germany's largest port in the northern city of Hamburg.Germany's ruling coalition is divided over whether to approve the investment, government sources say, even as Beijing urges Berlin not to politicize the bid and the port authority warns this could hurt the economy.According to Handelsblatt…

Germany would put its port of Hamburg at a competitive disadvantage if it quashed a bid from China's Cosco to buy a stake in a container operator, the port city's mayor said.A rejection would be "a one-sided, competition-distorting disadvantage for Hamburg compared to Rotterdam and Antwerp, where Cosco already owns terminal shares," Mayor Peter Tschentscher told Reuters."In order to keep up with international competition, it must also be possible for shipping companies to participate in terminals in Hamburg if this makes business sense," Tschentscher added.Economy Minister Robert Habeck said i

Germany's ruling coalition is divided over whether to let China's Cosco take a stake in a Hamburg port terminal, government sources say, even as Beijing urges Berlin not to politicize the bid and the port authority warns this could hurt the economy.Shipping giant Cosco last year made a bid to take a 35% stake in one of three terminals in Germany's largest port in the northern city of Hamburg.The German government's response is being seen as a gauge of how far it is willing to toughen its stance on China…

Mitsui O.S.K. Lines, Ltd. (MOL) announced it has ordered six liquefied natural gas (LNG)-fueled vessels—four bulk carriers and  two tankers—as the Japanese shipping company makes headway toward its goal of 90 LNG-fueled vessels by 2030.The company said on Friday signed a deal for construction of four 210,000 DWT-class Capesize bulkers with CSSC Qingdao Beihai Shipbuilding Co., Ltd., marking MOL's first newbuild order from the Chinese shipyard. Slated for delivery in succession from 2025 through 2026…

Danish offshore wind installation contractor Cadeler on Monday said it has signed an agreement with Ørsted for the installation of offshore foundations at the Hornsea 3 offshore windfarm, off the east coast of the U.K.Scheduled to begin in 2026, the offshore installation campaign will mark the first for Cadeler's new $345 million F-class jack-up installation vessel being built by China's COSCO Heavy Industries for expected delivery in the fourth quarter of 2025. The newbuild will be able to transport up to six XL monopiles (weight 2…

Offshore wind installation contractor Cadeler has entered into a Senior Secured Green Revolving Credit Facility (“RCF”) of a 3-year term loan of EUR 185 million (around $192,3 million). Together with the company’s cash and cash equivalents, the RCF facility will be used to finance Cadeler's newbuild offshore wind turbine and foundation installation vessels, and acquisitions as well as for general corporate purposes."The RCF is secured by customary securities (inter alia) first priority ship mortgages on the company’s vessels…

Dutch crane specialist Huisman won a contract with China's COSCO Shipping (Qidong) Offshore Co., Ltd. for the design and construction of a Leg Encircling Crane (LEC).The crane, with a fully electrically driven system, will be installed on the $345 million F-class jack-up vessel recently ordered by the Danish offshore wind installation firm Cadeler. The vessel will be able to install both offshore wind foundations as well as the next-generation wind turbines.To remind, Huisman last year won contracts for two identical 2…

Danish offshore wind installation services provider Cadeler has officially ordered a $345 million offshore wind foundation installation vessel from China's COSCO Heavy Industries.Cadeler first announced the plan to order the F-class vessel last week, when it announced a private placement of shares aimed at raising the part of the funds for the vessel order. The contract includes an option for an additional X or F-class vessel."The new vessel will enable Cadeler to target the growing…

The container shipping arm of China's COSCO Shipping said on Friday that it will stop accepting new bookings for cargoes to and from Ukraine, the latest shipping group to take such action after Russia launched an invasion of Ukraine.The company's vessels already en route to Ukraine will be re-directed to elsewhere available, COSCO Shipping said, without giving further details.(Reporting by Muyu Xu and Florence Tan; Editing by Susan Fenton)

Dutch offshore crane maker Huisman has secured a contract from China's COSCO Shipping (Qidong) Offshore Co., Ltd. to design and build two >2,000mt Leg Encircling Cranes (LEC) for Cadeler's recently ordered two new build X-class vessels.The identical Leg Encircling Cranes will have a 155-meter long boom, capable of reaching 180.5m above deck. Optionally, the boom can be upgraded to 175m in order to increase the lifting height to 200.5m. With these cranes, Denmark-based offshore…

Danish offshore wind installation firm Cadeler has been chosen as a preferred supplier of wind turbine generator installation vessels by Ørsted for the combined Gode Wind 3 & Borkum Riffgrund 3 projects in the German North Sea.The award covers the transport and installation of a minimum of 48 x 11MW turbines, which will be located adjacent to Ørsted's existing offshore wind farms Borkum Riffgrund 1 and Borkum Riffgrund 2 and in the vicinity of Gode Wind 1 and 2.For this project Cadeler will deploy its installation vessel Wind Osprey…

Greek lawmakers on Thursday approved an amended deal with Chinese shipping group COSCO that will allow it to raise its stake in Greece’s biggest port of Piraeus, paving the way for Greece to secure a major investment.Under a 2016 Greek privatisation deal, COSCO Shipping bought a 51% stake in Piraeus Port Authority (PPA) for 280 million euros ($328 million). It then committed to mandatory investments worth about 294 million euros over five years to purchase an additional 16% stake for 88 million euros.COSCO was due to fulfil this key condition by August…

China's Cosco Shipping has earlier this month delivered the King’s Quay floating production unit to Ingleside, Texas, aboard its M/V Xiang An Kou semi-submersible heavy transportation vessel, after a long journey from South Korea.The 21,498mt platform, built by Hyundai Heavy Industries, will be used for Murphy Oil's offshore oil field developments around 175 miles south of New Orleans in the U.S. Gulf of Mexico.The King’s Quay floating production unit is scheduled to go into service in 2022.