Greek Bourse Suspends Piraeus Port Share Trading
The Athens stock exchange on Tuesday suspended trading in shares of Piraeus Port Authority before the privatisation agency unseals bids by investors for a majority stake in the country's biggest port later in the day. Greece, which is selling a 51 percent stake in Piraeus Port, expects that China's Cosco Group will be the sole bidder, according to Greek officials close to the procedure. "Following a request by the securities regulator, a temporary trading suspension on shares of Piraeus Port Authority is in place until the company informs the investment public on the board meeting of (privatisation agency) HDRAF regarding the opening of financial offers," the Athens bourse said. Reporting by George Georgiopoulos
Cosco is Sole Bidder for Majority Stake in Piraeus Port
Greece only received a bid from China's Cosco Group for a majority stake in Piraeus Port Authority, the operator of the country's biggest port, the privatisation agency said on Tuesday. The leftist government of Alexis Tsipras halted the port privatisation after winning elections in January last year but resumed the process under the 86 billion-euro bailout deal it agreed with its euro zone partners in August. Privatisations, a key element of Greece's bailouts since 2010, have produced revenue of only 3.5 billion euros so far. Athens concluded a 1.2 billion-euro airport leasing deal with Germany's Fraport in December, hoping this would help it to meet its target for privatisation proceeds of 3 billion euros this year.
Chinese to Acquire Greek Port as Gateway to Europe
China's state-owned shipper China Ocean Shipping (Group), also known as Cosco Group and owned by China COSCO Holdings, is on track to acquire Greece's largest container port, gaining a key foothold to expand China's economic and military presence in Europe and Africa under the "One Belt, One Road" trade route initiative. There were no other bidders, which suggests that China’s strategic aims of using the Greek port of Piraeus as getaway to Europe is one step closer to realization.
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…
Greece Okay's China's Cosco Improved Bid
The state privatization fund Hellenic Republic Asset Development Fund (HRADF) of Greece has accepted a “significantly improved” offer from China’s Cosco Group for the state’s majority stake in the Piraeus Port Authority (OLP). “HRADF’s board of directors accepted the improved offer made by COSCO Group (Hong Kong) Ltd in the context of the tender for the sale of the 67 percent of Piraeus Port Authority (PPA) shares,” an HRADF statement said. The Chinese group submitted on Wednesday…
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.
Navios Maritime Posts 4Q Profit
Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents. The operator of contracted crude oil tankers posted revenue of $25.8 million in the period. For the year, the company reported profit of $27.1 million, or $1.33 per share. Revenue was reported as $83.4 million. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Midstream stated “We are pleased to report net income of $27.1 million, or $1.33 per share, for 2015.
Cosco Merger May Change Industry Dynamics
The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry, says a report in the WSJ. The merger will free the two Chinese shipping groups from competing against each other at home and abroad, in an industry swamped with oversupply and depressed freight rates. The new world leader in shipping industry is likely to own 832 ships including containers, dry-bulk vessels and tankers amounting to almost $22 billion.
Chinese Shippers Order for 30 Valemax Vessels
The Chinese shipping companies - Chinese shipping majors Cosco Group, China Merchants Group and ICBC Financial Leasing Co- ordered 30 Valemaxes worth a combined $2.5 billion for delivery starting from 2018, deployed on Brazil-China trade routes, reports WSJ. The vessels will bosst the trade between China and Brazil and also will invest billions of dollars into delaying shipbuilding industry in the country. The vessel will be employed on Brazil-China trade routes, boosting the import of Vale iron ore in China.
CMA CGM to Delay Mega-Ship Move
CMA CGM Group has decided to postpone its project to deploy 18,000 TEU-capacity vessels on Transpacific market trade. The much-anticipated launch of a weekly service with six mega-ships which was planned for the end of May has been delayed in order to optimise the use of its fleet. The decision also comes as the company is rolling out an alliance with China’s Cosco Group and other rivals. French container shipping major has now signed a deal with COSCO Container Lines, Evergreen Line and Orient Overseas Container Line on creation of a new alliance, dubbed the Ocean Alliance.
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…
New Global Shipping Alliance a Reality Soon
Major container shipping lines are preparing a lineup a new tie-up - a new global alliance - to respond to rapid container shipping consolidation, reports WSJ. William Doyle, member of U.S. shipping regulator Federal Maritime Commission (FMC) said that representatives of the companies will meet today (Wednesday) to discuss their proposal. Doyle declined to name the carriers meeting with members of the regulatory body or say how many operators were involved in the discussions.
CMA CGM’s Benjamin Franklin Ends US-Asia Route
French shipping line CMA CGM SA will no longer run the mega containership Benjamin Franklin between Asia and the U.S. West Coast, on account of weak market conditions, reports FT. According to sources, Benjamin Franklin’s voyages have been suspended on the route between Asia and U.S. West Coast ports including Los Angeles, Long Beach, Oakland and Seattle, after just five months amid an industry slump that has seen shipping lines’ earnings plummet. The largest containership to call at a U.S.
COSCO to Buy OOCL for USD 6.3 bln
Chinese Shipping Major Cosco Group has agreed in principle to buy its shipping rival and Hong Kong’s No. 1 box mover, Orient Overseas Container Line (OOCL), in deal that could be valued around USD 6.3 billion. The takeover will catapult Cosco the world’s third-biggest container carrier after Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co. In a press release, the State-owned Cosco said that it will pay shareholders of OOCL,, HK$78.67 a share in cash, a 31 percent premium over the stock’s last closing price.
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 Books H1 Profit of $288 mln
China's COSCO Shipping Holdings Co Ltd reported a first-half profit on Wednesday and forecast that improved demand in the container shipping market would continue for the rest of the year. China's largest shipping group, which last month offered to buy a Hong Kong peer to become the world's third-largest container liner, said January-June net profit was 1.86 billion yuan ($288.32 million). That matched an estimate it announced in July, citing improved market conditions. It also booked revenues of 43.5 billion yuan for the period.
COSCO Shipping Ports More than Doubled Profit in 2017
Hong Kong-based port operator COSCO Shipping Ports said that it 2017 profits have more than doubled from a year earlier, partly due to a one-off disposal gain and higher operating profits. The subsidiary and listed company of China COSCO owned by COSCO Group said that its profit reached USD 512.4 million in 2017, representing an increase of 107.4 pct compared with 2016 when the profit stood at USD 247 million. The firm's full year revenue rose 14% to US$634.7 million. Benefitting from the economic recovery and with growth fueled by its acquisitions…
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.
Greece Awaits Final Piraeus Port Bids
Greece expects binding bids to be submitted later on Monday for a majority stake in Piraeus Port Authority, operator of its biggest port, but will not announce the prospective buyers before early next month, two sources at the country's privatisation agency (HRADF) said on Monday. The leftist government of Alexis Tsipras had halted the sale after winning elections in January but resumed the process under the 86 billion-euro bailout deal it agreed with its euro zone partners in the summer. The deadline for final bids ends at 1700 GMT on Monday. A senior HRADF official said the bidders will not be announced before early January when foreign observers on the agency's board and experts attend the opening of the offers. "Everyone should be present when the offers are opened," the official said.
Greece: Final Bids Submitted in Piraeus Port Sell-off
Greece said that final bids for a majority stake in Piraeus Port Authority, operator of its biggest port, were submitted on Monday but the prospective buyers will not be made public until early next month. Alexis Tsipras's government had halted the sale after winning elections in January but resumed the process under the 86 billion-euro bailout deal it agreed with its euro zone partners in the summer. The deadline for final bids was 1700 GMT on Monday. "The procedure for the submission of binding offers for Piraeus Port Authority was completed today," the country's privatisation agency (HRADF) said in a statement. The agency said there will be an announcement on Jan. 12 when the bids will be unsealed.
Cosco - Only Bidder for Piraeus Port
China’s Cosco Pacific is understood to be the only party interested in the acquisition of the 51 percent stake (plus another 15 percent) of Piraeus Port Authority (OLP), reports Kathimerini. Alexis Tsipras's government had halted the sale after winning elections in January but resumed the process under the 86 billion-euro bailout deal it agreed with its euro zone partners in the summer. The deadline for final bids was 1700 GMT on Monday. The Hong Kong-listed firm was the only…
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.
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.