Spec Tec - New Cosco Dalian Contract
Following a contract for the installation of Spec Tec’s AMOS Maintenance & Purchase on 11 newbuilds, Cosco Dalian has decided to continue with the installation of AMOS on 8 additional newbuild tankers in 2009 and 2010. Cosco Dalian is a fully owned subsidiary of Cosco Group, and is the only company within the Cosco Group in liquid bulk transportation, with 12 VLCCs in operation as well as 28 other Tankers. James De Vroome, EVP of SpecTec APAC, visited Cosco Dalian and participated in the signing of the contract with Mr. Zhao Jinwen, Director of Technical Department on 6th Nov.
CNOOC, COSCO team up to Exploit Energy Resources
China National Offshore Oil Company Limited (CNOOC) signed an agreement to jointly exploit energy resources including liquid natural gas (LNG) with China Ocean Shipping (Group) Company (COSCO Group), China's largest shipping group. The parties agreed to transferring CNOOC shares to COSCO Group or co-funding The two companies will also cooperate on ship-building. [source: Xinhuga English]
Xu Lirong to Head Merged Giant COSCO-CSG
The current chairman of China Shipping Group (CSG) Xu Lirong handed top job at $74.7bn Beijing-backed merged entity of CSG and China Cosco Group. Xu Lirong has been appointed chairman of China Cosco Shipping Group, according to statements posted by the two groups on their websites Monday. Xu is a shipping veteran and served in senior positions at Cosco for more than 30 years before joining China Shipping (Group) as president in 2011. He was promoted to chairman in 2013. Xu' counterpart at Cosco, Ma Zehua, hits retirement age later this year and is expected to step down.
China Merges Shipping Firms in Reform Push
Chinese shipping subsidiaries will realign their businesses in response to the merger between China Ocean Shipping (Group), known as Cosco Group, and China Shipping Group, reports Nikkei. Sinotrans & CSC Holdings Co., the nation's third largest shipping company, will become a wholly-owned subsidiary of China Merchants Group (CMG). Earlier in December, China approved the merger of another two of its biggest state-owned shipping companies, China Ocean Shipping Group (Cosco) and China Shipping Group.
China Ocean Orders Four VLCC's
COSCO Group has ordered 4 Very Large Crude Carriers (VLCC) from China Shipbuilding Industry Corporation (CSIC). The ceremony was attended by Chairman Ma Zehua, President Li Yunpeng, Chief Financial Officer Sun Yueying, and Executive Vice President Ye Weilong of COSCO Group, as well as President Li Changyin, Executive Vice President Dong Qiang and Executive Vice President Sun Bo from CSIC. COSCO inform that managers and executives from relevant departments and subsidiaries of the two companies also attended the ceremony.
China Shipping Merger Erases $900 mln in Market Value
Shares of Cosco Group and China Shipping have taken a hammering on the stock markets as two major companies lost about $900 million in total market value after the government proposed combining its two key ocean liner groups, reports Bloomberg. China’s shipping giants led the declines with drops of as much as 30 percent, the most on an intraday basis in more than 10 years. The shares had been halted from trading since August pending an announcement by their parent companies.
Cosco and Kawasaki Sign Deal
Cosco Group, China's shipping conglomerate, signed a deal with Japan's Kawasaki Heavy Industries Ltd to build a shipyard in northeast China. Cosco would control 70% of the facility, which would cost $500m in its first phase, and the Japanese heavy machinery maker would hold the remainder. Source: Malaysia Star
COSCO Rolls Out Shipping Financial Platform
China COSCO Shipping Co. Ltd (China COSCO Shipping) officially inaugurated the company “COSCO shipping Financial Holdings Limited (COSCO shipping Financial) in Hong Kong. It was former China Shipping (Hong Kong) Holdings, reports Sinocast. The formation of Cosco Shipping Financial followed the completion of the merger between China Cosco Group and China Shipping Group in February this year to become Coscocs. COSCO Shipping Financial Holdings, together with China Shipping Container Lines, will form a financial holding platform of China COSCO Shipping Corporation.
Cosco Pacific Appoints Zhang Wei as Vice Chairman
Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones. "Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee, and a member of the Nomination Committee and the Remuneration Committee due to work commitments…
COSCO Investment Seeks New Opportunities
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.
Cosco Pacific Profits up 12%
Major terminal operator Cosco Pacific has reported a 12% on-year increase in net profits for the first half of this year to nearly $164.4m on good cost control and optimisation of management efficiency. However the revenue of the port and box leasing unit of Chinese state conglomerate Cosco Group dropped 8.6% to $402.4m from $440.2m previously. The company said in an announcement that profit from the terminals business rose by 11% to $121.2m from $109.1m in the previous corresponding period.
COSCO Wins Asset Titanium Award
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.
Livestock Carrier Delivered by China Shipyard
COSCO (Guangdong) Shipyard Co. a subsidiary of the COSCO Shipyard Group say they have delivered a 4500 cu.m specialized livestock carrier, “Ganado Express” to the European buyer. The new vessel measures 134.8 meters in LOA, 19.6 meters in breadth and 9.6 meters in depth. COSCO Corporation has one of the largest ship repair, ship building and offshore marine engineering operations in China. A diversified group with activities also in dry bulk shipping, shipping agency and other sectors…
China Shipyard Delivers Another Bulk Carrier
COSCO (Guangdong) Shipyard Co., Ltd., a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a bulk carrier of 57000 dwt, "FLAF GANGOS", to its European buyer. The new bulker measures 189.99 m LOA, 32.26 m in breadth and 18 m in depth. COSCO Corporation (Singapore) Limited has one of the largest Ship Repair, Ship Building and Offshore Marine Engineering operations in China. A diversified group with activities also in Dry Bulk Shipping, Shipping Agency and other sectors, it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company (“COSCO Group”), China’s largest shipping group and one of the top shipping conglomerates in the world.
Container Ship Christened at COSCO
On July 26, the 10000-TEU container ship COSCO Asia was christened in South Korea. The christening ceremony was grandly held at HHI's shipyard in Ulsan. Executive Vice President Zhang Fusheng and Vice President Chen Hongsheng of COSCO Group were presented at the ceremony. COSCO Asia is the first of four such vessels being built for COSCO by HHI's shipyard. With maximum carrying capacity of 10062 TEUs, COSCO Asia is the largest container vessel among COSCO fleet. The vessel realized a high-level of automation and is very environmentally friendly. It was classed by Lloyd's Register to stringent environmental standards, reflecting COSCO's commitment to its UN Global Compact responsibilities.
China Shipyard Delivers One More Bulker
COSCO (Zhoushan) Shipyard Co., Ltd. has delivered a 57,000 dwt bulk carrier 'Ocean Master' to its European buyer. The new bulk carrier measures 189.99 meters in LOA and 32.26 meters in breadth. COSCO Corporation (Singapore) Limited has one of the largest Ship Repair, Ship Building and Offshore Marine Engineering operations in China. A diversified group with activities also in Dry Bulk Shipping, Shipping Agency and other sectors, it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company (“COSCO Group”), China’s largest shipping group and one of the top shipping conglomerates in the world.
China Shipyards Secure US$380-Million Contracts for COSCO
1. COSCO (Dalian) Shipyard Co. Ltd has secured contracts from a Bermuda company for two LeTourneau Super 116E jackup drilling rigs, scheduled for delivery in 1H2016 and 2H2016 respectively. The same buyer has also secured options for two additional jackup drilling rigs. 2. COSCO (Zhoushan) Shipyard Co. Ltd has been contracted to build a dry bulk carrier of 64,000dwt for a European buyer, with delivery scheduled in the second half of 2014. The COSCO Group adds that barring any unforeseen circumstances…
COSCO Signs Contracts with Four Shipyards
Xinhua reported that COSCO Group, China's leading shipping and logistics service provider, inked in Boao, Hainan Province on Saturday contracts with four domestic shipyards to build 66 ships. Zhang Fusheng, a COSCO spokesman, did not disclose the total value of these shipbuilding contracts but said they summed up to a record amount for the shipping giant. The move is to help meet China's strong demand for shipping as the country's fast economic development gives rise to more imports of energy resources and more auto imports and exports, said analysts. Wu Bangguo, Chairman of the Standing Committee of China's National People's Congress, attended the signing ceremony on the sidelines of the annual conference of the Boao Forum for Asia.
Dalian Shipbuilding Wins Cosco Order for 7 Ships
Dalian Shipbuilding Industry Corporation (DSIC) has announced an order win for two 319,000 dwt VLCCs and five 72,000 dwt product tankers from Cosco Dalian, the tanker shipping arm of China Cosco Group. The financial details of contract were not disclosed. Market estimates show that the order could be worth a total of USD 500 million. The newbuildings will be designed to feature fuel saving and energy efficient technology, according to DSIC. The new orders placed by China Cosco…
COSCO 'bidding' for Orient Overseas
Chinese conglomerate Cosco Group is in talks to acquire smaller rival Hong Kong-based rival Orient Overseas Container Line Co. ( OOCL), Chinese media outlet Caixin reported quoting people familiar with the matter. The state-owned China COSCO will compete with Evergreen Marine Corp. from Taiwan and France’s CMA-CGM SA in the takeover bid, but COSCO was more likely to win the deal, a source from COSCO told Caixin. A representative at COSCO Shipping's media relations department said the company wasn't aware of the bidding.
Cosco Scraps Eight Old Bulk Carriers
Following the recent announcement ordering 10 drybulk vessels, Cosco Group announced that it has sold eight old bulkers with a total capacity of 553,798 dwt for scrapping. The vessels were sold to different third parties for scrap for approximately RMB82.2m ($13.3m). Cosco said it recognized losses from the disposal of approximately RMB182.2m. Cosco has made plans to scrap a total of 41 vessels this year as part of its fleet optimization plan. It has so far offloaded 39 vessels this year.
COSCO Piraeus Pier III Inaugurated
The Inauguration of the Expansion of Pier III of COSCO Piraeus Container Terminal(PCT) was held yesterday. Premier Li Keqiang of China sent a congratulatory message, which was read by Mr. Zou Xiaoli, Chinese Ambassador to Greece during the ceremony. Prime Minister Antonis Samaras of Greece attended the event and made congratulatory remarks. Executive Vice President Sun Jiakang of COSCO Group delivered a speech and cut the ribbon together with the Prime Minister and Ambassador.
Greece Receives $402 Mln Bid from Cosco for Piraeus Port
Greece said it received an improved bid of 368.5 million euros ($402 million) that China's Cosco Group submitted on Wednesday for a 67 percent stake in Piraeus Port, the country's biggest. The board of the country's privatisation agency (HRADF) met on Wednesday and evaluated Cosco's offer. Privatisations are a key element of an international bailout Greece obtained in 2015. "HRADF's board of directors declared the aforementioned company as the highest bidder and invited it to submit the documents required…