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Cosco International News

28 Dec 2016

Sino-Global Shipping Enters Agreement With COSCO

Sino-Global Shipping America, a non-asset based global shipping and freight logistic integrated solution provider,  has announced the signing of an Inland Transportation Agreement  with COSCO Beijing International Freight Co in which COSFRE Beijing will utilize the Company's full-service logistics platform to arrange for the transport of its container shipments into US ports. In addition to the Agreement with COSCO Beijing, the Company has entered into a Strategic Cooperation Framework Agreement with Sinotrans Guangxi, a subsidiary of Sinotrans Limited. Pursuant to the Agreement with COSFRE Beijing, Sino-Global will receive a percentage…

20 Aug 2015

Cosco Blame it on Weak Shipping Industry

The global economic recovery was slower than expected and the overcapacity problem in the shipping industry remained serious, in the  first half of 2015, says COSCO International Holdings. This drove stable business volume to the Company’s business segments which serve for operating vessels. On the contrary, the Company continued facing pressure from the clients who tightened cost controls due to the weak shipping industry. Amid the changing business environment and challenging market conditions, COSCO International achieved satisfactory results in the development of new non-COSCO customers and new products by adjusting its business strategy…

20 Mar 2015

Cosco International Posts $46.3 mln Profit

The shipping services arm of China Ocean Shipping, Cosco International reported its profit attributable to equity holders for the year ended 31 December 2014 rose 48.6% year-on-year to HK$359 million ($46.3 million). Revenue, however, fell 18.5% to HK$7.59bn as contributions from the core shipping services businesses decreased. Cosco International noted that the overhang of shipping capacity continues to exist and the shipping market will remain sluggish. “Cost control by shipowners is expected to remain and business prospects of the shipping services industry will unavoidably be under pressure,” the company said. The great increase was attributed to the marked increase in operating profits of coatings, ship-trading agency, and marine equipment and spare parts businesses.

20 Aug 2014

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY. Strong profit growth: profit attributable to the equity holders surged by 45% to HK$190 million. Rebound of 374% YOY in profit contribution from the Group's joint venture, Jotun COSCO. Dividend: the Board has declared an interim dividend of 3 HK cents per share, increased by 50% YOY. Strong cash position: the Group had net cash of HK$6 billion as at 30th June 2014, which will support business expansion in the future. Mr. "With the advantages of strong cash position…

18 Dec 2013

COSCO Wins Asset Titanium Award

Asset Titanium award: Image credit COSCO

COSCO International has been awarded an Asset Corporate Titanium Award for outstanding performance in the fields of social responsibility, environmental responsibility and investor relations during year 2013. The  Asset Corporate Awards 2013 were presented at a recent gala dinner organised by the Asian  financial magazine 'The Asset'. COSCO inform that this is the fourth consecutive year that COSCO International has been honored in this competition, which they feel fully demonstrates their consistently sound corporate governance practice among Asian listed companies.

13 Jun 2013

China's COSCO Acquires German Marine Equipment Firm

COSCO International acquires Germany's Hanyuan to further develop global service network in marine spare parts supply. Yuantong Marine Service Co. Limited, COSCO International’s wholly owned subsidiary mainly engaged in supplying marine equipment and spare parts, has signed a share purchase agreement with COSCO Europe GmbH to acquire the entire issued share capital of its wholly-owned subsidiary, Hanyuan Technical Service Center GmbH. The consideration of the acquisition amounted to EUR1,180,000 (equivalent to approximately HK$11,977,000). Upon completion of the acquisition, Hanyuan will officially become the first wholly owned subsidiary of COSCO International in Europe…

23 Mar 2012

COSCO – Annual Results

Revenue rose by 23% to HK$10,656,121,000. Gross profit increased by 25% to HK$892,035,000. Overall average gross profit margin stood at 8%. Steady core profit growth: profit before income tax from shipping services business increased by 19% to HK$487,770,000. Profit before income tax from coatings, marine equipment and spare parts, and insurance brokerage business segments increased by 58%, 36% and 6% respectively. Due to the Group's disposal of its entire shareholding in SOLHL in December 2010, the Group's results for the year no longer included items in relation to the investment and disposal of shareholding in SOLHL. Profit attributable to equity holders of the Company, therefore, declined by 69% to HK$390,339,000.

09 Aug 2000

COSCO Intl. Holdings Gets Acquisitive

COSCO International Holdings Ltd is engaged in talks to acquire COSCO Network Ltd., a global transportation, logistics and communications network, from its parent company China Ocean Shipping (Group) Co. COSCO International also said in a statement that it is considering the acquisition of other technology, environmental protection and Internet assets. The shipping container leasing and handling company said it made the announcement in response to newspaper reports on about these possible transactions.

01 Oct 2007

COSCO Holdings to Build 46 Ships with $2.7b

Hong Kong-listed shipping company COSCO Holdings Co. Ltd. (SEHK: 1919 and SHSE: 780919) plans to build 46 ships with a total of $2.7b. The company is expected to have a fleet with 39 million deadweight tons in 2010. It is mainly engaged in bulk cargo transport under the wing of China Ocean Shipping (Group) Co. (COSCO), one of the five biggest shipping conglomerates in the country. Recently, COSCO Holdings announced that it would purchase the parent interests in its three subsidiaries COSCO Bulk Carrier Co., Ltd., Qingdao Ocean Shipping Co., Ltd., Shenzhen Ocean Shipping Co., Ltd. The purchase is still subject to the temporary shareholder meeting to be held by the Hong Kong-listed company on October 23.

08 Jun 2007

Cosco Shipyard Gets New Orders

Cosco has secured new shipbuilding contracts for its shipyard in Zhoushan, China, ChannelNewsAsia.com reported. One of the contracts is to build 12 new bulk carriers of 57,000 dead weight tons each. A second contract is for four pure car and truck carriers that can carry 5,000 vehicles each. They were awarded by a sister company, Cosco International Ship Trading. The ships are to be delivered between December next year and October 2009.

28 Mar 2006

COSCO Singapore Sells Four Vessels For $34M

COSCO Corp. (Singapore) Ltd. has sold four of its older vessels for $34 million as part of an ongoing fleet renewal exercise and will realize a profit of about $14.2 million from the sale, the Singapore-listed Chinese shipping and ship-repair company said Tuesday. The vessels were sold at around their assessed values to sister companies Shenzhen Ocean Shipping Co. Ltd. and COSCO International Trading Co. COSCO Singapore also said it took delivery of M/V COS Prosperity, a new dry bulk carrier, on Tuesday. The vessel had been due in the third quarter of 2006. Source: Dow Jones