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Cosco Logistics News

18 Aug 2015

Drewry: Cosco, CSCL Merger to Shake up Container Shipping

Industry analyst Drewry believes that the proosed merger between Chinese state-owned companies, Cosco and China Shipping Container Lines (CSCL), could cause a domino effect on existing carrier alliances and further carrier mergers in Asia damaging to industry competition. China is said to be planning to merge is two container shipping majors China Cosco and CSCL within efforts to consolidate state owned enterprises. Although merger talks between the world’s fourth and eighth largest container carriers are unlikely, Drewry expects that both will have to take radical remedial action this year. After two consecutive years of losses, ‘special treatment’ was enforced last week on China Cosco Holding’s A shares by the Shanghai Stock Exchange.

29 Jun 2015

China's State Audit Uncovers Misdeeds in Cosco

Intensifying crackdown on corruption China’s National Audit Office released an audit report for state-run shipping conglomerate Cosco Group in which it has uncovered substantial financial irregularities. The report found that Cosco had falsely left out a sum of RMB298m ($48m) in its revenue for the period from 2008 to 2013, as well as leaving out an expense sum of RMB169m, leading to a total net profit that is RMB129m less than reported. Several operational violations have also been found in subsidiaries of group, including Cosco Logistics and Cosco Dalian Shipyard, which resulted in huge losses for the group. The report says that Cosco lacks risk management and strict supervision on vessel charter operations.

22 Jan 2014

China COSCO Turns its Financial Ship Around in 2013

Image courtesy of China COSCO

China COSCO Holdings Co. Ltd, the country's largest shipper, indicates a profit turnaround in 2013 after suffering heavy losses for two consecutive years, reports Xinhau. According to COSCO's earlier, 2013, financial report, the Shanghai-listed company made cutting operational costs a major task for 2013. The Group carried out various measures to overcome the difficulties, including the disposal of its interest in COSCO Logistics and COSCO Container Industries and stringent cost control.

14 Mar 2013

China COSCO to Sell Subsidiary to China Ocean Shipping

China Cosco plans to sell Cosco Logistics to state-backed parent company China Ocean Shipping. The unit may be valued at about seven billion yuan, and the company is also considering selling other assests to China Ocean to raise as much as an additional 20-billion yuan, reports the South China Morning Post. Shares in China Cosco fell after the logistics sale was announced, on concern that divesting the profitable unit would undermine earnings over the longer term. Tianjin-based China Cosco faces possible restrictions on its Shanghai-traded shares after warning of a "significant" loss for 2012, amid falling freight rates and rising fuel costs. Gains from asset sales may help China Cosco avoid a third straight annual deficit. Source: South China Morning Post

05 Jan 2009

Sino-Global Appoints He Yi Min

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) ("Sino-Global"), a non-state-owned provider of shipping agency services operating primarily in China, announced the appointment of Mr. He Yi Min as chief technical officer, effective January 1, 2009. As chief technical officer, Mr. He will direct standards formulation, process optimization, quality assurance and a number of other technical areas. "Our commitment to investing in top talent enables us to offer a comprehensive set of consistently high-quality shipping agency services even as we expand the geographical reach of our business," said Mr. Cao Lei, Sino-Global's chief executive officer. "Mr.