Cosco Holdings News

Global Cargo Shipping Market is expected to grow around 3.45% CAGR during the period 2017 to 2023, says a report by Market Research Future. In recent years, Global Cargo Shipping Market has advanced rather productively. While, increasing number of countries forging of free trade agreements like ASEAN Free Trade Area (AFTA), Trans-Pacific Strategic Economic Partnership (TPSEP) and North American Free Trade Agreement (NAFTA) will boost the growth of cargo shipping market further. In addition, the market is gaining momentum with initiatives such as the One Belt, One Road, as well as the expanded Panama Canal and Suez Canal are expected to positively affect the seaborne trade by generating business opportunities. The key players of the Global Cargo Shipping Market are A.P.

COSCO Shipping Corporation said policy lender China Development Bank has pledged to provide it with 180 billion yuan ($26 billion) in financing in the years through 2021 to support the Chinese shipping giant's business development. Cosco Shipping said in a statement on its website late on Wednesday that the financing would be provided through various financial products. It did not provide details of how the financing would be used, but said the agreement was to serve China's "One Belt, One Road" strategy and efforts to deepen state-owned enterprise reform. Formed through the merger of China's two largest shipping companies in February, COSCO Shipping owns the world's fourth-largest container shipping fleet by capacity, run by its flagship listed unit, China COSCO Holdings .

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…

Following the sale of Hamburg Süd to Maerskfor $4 billion, VesslesValue senior analyst William Bennett has compiled a report on the top consolidated container fleets. Currently these top five fleets are worth $33.4 billion and account for 33 percent of the entire container fleet. Maersk have confirmed rumors that they will acquire German container shipping line Hamburg Süd. Hamburg Süd’s strong position in north-south trades will complement Maersk's current business. Maersk is thought to have paid roughly $4 billion for Hamburg Süd whose fleet is worth $1.5 billion.

China COSCO Holdings , owner of the world's fourth-largest container shipping fleet by capacity, warned of a loss for the year on Friday as it failed to capitalise on a market recovery in the third quarter. Slowing global trade had saddled the sector with a glut of container ships, pushing freight rates below cost in some cases and inflicting heavy losses, until the collapse of South Korea's Hanjin Shipping in August caused a supply shock that allowed ship owners to push up rates.

China’s two biggest state-owned shipping companies plan to merge 11 shipbuilding yards into a single entity in one of the industry’s biggest consolidation moves yet, reports Wall Street Journal. China’s two biggest state-owned shipping companies plan to merge 11 shipbuilding yards into a single entity in one of the industry’s biggest consolidation moves yet, the Wall Street Journal reports. The two companies had already combined their fleets and port operations last year to create China COSCO Holdings, the world’s fourth biggest container operator in terms of capacity. The combination of their shipbuilding arms will create China’s third biggest shipbuilding group. Cosco owns six yards and China Shipping Group owns five.

For Captain Dick S. Danielsen, the childhood dream has been to sail the world's biggest ships. The Danish seaman got his chance three years ago when he was asked to helm the Majestic Maersk, a mammoth, baby blue-painted vessel that at 400 meters (1,312 feet) is longer than a nuclear-powered aircraft carrier. The ship can hold up to 18,270 twenty-foot (TEU) shipping containers and is owned by the world's largest container shipping firm, A.P. Moller-Maersk. "If you're going to be a captain and the company asks you, do you want to be on our biggest ship in the fleet, everybody would be proud. If they don't, then I think they're lying," he told Reuters from his ship during a 24 hour-long stop in Shanghai's port last Saturday.

China COSCO Shipping will not raise its shipping prices as it had planned, reports Caixin quoting shipping agency representatives at Shanghai’s port. The shipping giant has given up its plan to take advantage of Hanjin Shipping’s bankruptcy by raising prices after a surge of international cargo prices turned out to be temporary, says the report. The shipping market witnessed a spike in prices in the first few days after Hanjin filed for court receivership on Aug. 31. One container shipped from China to the western coast of the United States, for instance, cost about $695 shortly before Hanjin filed for receivership. But on Sept. 2, the price jumped to $949, an increase of nearly 40 percent.

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half, down from the year-earlier profit of 2 billion yuan, reports Nikkei Asian Review. The shipping and logistics company 's sales climbed 3% on the year to 29.6 billion yuan. COSCO’s fleet had 304 vessels with total capacity of 1.61 million TEUs as of June 30, representing an increase of 83.3% year-on-year, while it handled 7.4 billion TEUs during the period, an increase of 39.2% year-on-year. Despite the slower growth of shipping capacity when compared with last year, significant improvement was made in the imbalance between supply and demand of the shipping sector.

Asia’s largest container shipping company China Cosco Holdings Co  posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn net profit seen during the same period last year as excess capacity dragged down cargo rates. China COSCO is part of China Cosco Shipping Corporation (COSCOCS), a shipping giant created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group. China COSCO said in a statement that global container shipping market has been sluggish since the second half of 2015, with freight rates at record lows. While revenues rose by 2.6 per cent to Yuan29.63bn for the six months ended June, costs rose by more than 16 per cent to Yuan31.13bn.

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday. COSCO Shipping reported a first-half loss of 7.2 billion yuan ($1.08 billion yuan) versus a profit of 1.9 billion a year earlier, the company said in a filing to the Shanghai stock exchange. COSCO is grappling with weak global demand that has dragged down the sector. In the first quarter, it reported a net loss of 4.5 billion yuan. China COSCO is part of China Cosco Shipping Corporation (COSCOCS), a shipping giant created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group.

China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided to get into the offshore wind power generation business, reports  Nikkei. Recently, the Belgian dredging, environmental and marine engineering group DEME DEME and China COSCO have formed a joint venture to develop offshore wind energy in China. As the largest shipping company in the world, China COSCO Shipping wishes to enter this new market segment and has found a partner in DEME's subsidiary GeoSea, with its extensive experience in developing, building and maintaining offshore wind farms.

Japan’s three largest shipping companies - Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K Lines (MOL), and Kawasaki Kisen Kaisha (“K” Line) - and three other carriers worldwide will form the world's third-largest container shipping alliance, reports Nikkei. South Korea's Hanjin Shipping, Germany's Hapag-Lloyd and Taiwan's Yang Ming Marine Transport, on Friday agreed to join forces. The new partnership will begin operations in April 2017 for five years, subject to regulatory approval. The three Japanese shippers will adjust their ports of call and operating schedules on duplicate routes. The aim of the alliance is to combat the slowing global economy's drag on earnings with higher efficiency.

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, with effect from today (April 27)," says a statement from the company. Zhang, who is 42 years old and joined the Cosco Group in 1995, is currently holding directorships at certain units of China Ocean Shipping (Group) Co.

China COSCO Shipping, the result of a merger in February between the country's top two state-owned shippers, is in talks with CMA CGM and several other major operators to create a new shipping alliance, say reports in local media. Wang Haimin, China Cosco’s deputy general manager reportedly said: “We are having further discussions with some related carriers. He did not specify which carriers were involved, only noting that the new partnership was expected to serve China Cosco’s strategy to be “truly globalised” by expanding its fleet presence beyond current East-West trades to South-North and non-China related lanes. Meanwhile, Nikkei reports that China COSCO is rushing to streamline operations in line with President Xi Jinping's plan to build a new maritime economic corridor.

China Cosco Holdings has appointed Deng Huangjun as its new chief financial officer, after his predecessor Tang Runjiang resigned. Deng, 53, is also a director and deputy managing director at Cosco Pacific. Tang Runjiang has resigned with effect from 14 March 2016 due to change in job arrangement, informs a statement from the company. Tang Runjiang has confirmed that he has no disagreement with the Board, and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company. The Company expresses its sincere gratitude to Tang Runjiang for his valuable contributions as chief financial officer of the Company during his term of office.

China's Ministry of Commerce has approved the merger of China Ocean Shipping (Group) and China Shipping (Group) so that the combined company can begin full operations. The company sources said, the newly merged entity will officially be launched and commence operations in Shanghai on February 18. Meanwhile, the shareholders of the Hong Kong-listed listed entities of China Ocean Shipping (Group) and China Shipping (Group) have approved the joint asset restructuring of the two shipping conglomerates. Three Hong Kong listed entities (China Cosco Holdings, Cosco Pacific and China Shipping Container Lines) received over 99% of the votes approving the reorganisation. Xu Lirong, current chairman of CSG, will lead the new China Cosco Shipping Corporation.

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's privatization agency board said that Cosco was the only confirmed bidder for a binding stake in the country's biggest harbour. It had asked Cosco for an improved financial offer which Cosco would consider during the next week.

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 Cosco Holdings is selling its entire stake in a bulk shipping company to parent Cosco Group for 6.77 billion yuan ($1.04 billion). Meanwhile, Cosco Pacific will buy a port operator from China Shipping Container Lines for 7.63 billion yuan.

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  shares have been suspended from trading since August 11, after it was reported that its majority shareholder Cosco Group is eyeing a privatisation exercise for the struggling shipping company.

China COSCO Holdings Company president Jiang Lijun has resigned from his position. Jiang Lijun will cease to be a member of the strategy and development committee and nomination committee of the Company upon his resignation taking effect. Jiang Lijun’s resignation was because he has reached the retirement age. The Board would like to take this opportunity to express its sincere gratitude to Jiang Lijun for his significant contribution towards the Company in the past. Jiang Lijun confirmed that he has no disagreement with the Board, and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

Chinese shipping behemoth Cosco Holdings has confirmed it will order 11 container megaships for $1.5 billion, despite an estimated 30 percent overcapacity in container shipping having sent freight rates to levels that at times don't even cover the fuel cost of moving containers across oceans, The Wall Street Journal reported. It has placed an order for 11 19,000 TEU containerships at four domestic shipyards. This is the largest single order for container ships Chinese yards have ever received. When fully-loaded, such ships cut that cost by about 25 percent compared to smaller vessels. China COSCO stated in its filling to the Shanghai Stock Exchange on September 9 that it has ordered two container ships at Dalian COSCO Khi Ship Engineering (DACKS) for $270.6 million…

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media. According to JoC, the Chinese executives of the carriers have been tight lipped on the discussions, but it is widely believed that the lines are thrashing out ways to merge the container and bulk shipping divisions. Reports say that the Beijing government would like preliminary merger plan within three months, beginning from August. The merger is in line with China's current strategy of consolidation of state-owned enterprises (SOE).