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Thursday, May 24, 2018

Cosco Shipping News

Cosco Shipping Energy Joins Bid for LPG Carrier

Photo: China Merchants Energy Shipping Co., Ltd

Cosco Shipping Energy Transportation (CSET) has announced that the board has approved it subsidiary, Shenzhen Cosco LPG Shipping, to join the bidding for a second hand LPG vessel. Shenzhen Cosco LPG  is the energy shipping unit of Chinese shipping conglomerate China Cosco Shipping. The price quoted for the LPG tanker would be $ 5.21mln. The LPG carrier is the China-flagged, 2011-built Hua Nan 3 of 3,218-dwt in capacity and classed by China Classification Society (CCS). It is owned by Shenzhen Southern China LPG. CSET operates through Oil Shipment and Dry Bulk Shipment segments.

COSCO Container Lines Renamed COSCO Shipping Lines

Courtesy COSCO

COSCO Container Lines Co., Ltd. has changed its company name to  COSCO Shipping Lines Co., Ltd. (“Our Company”). Our Company changed its official company name from COSCO Container Lines Co., Ltd. to COSCO Shipping Lines Co., Ltd. on November 18, 2016. The terms and conditions of any contracts entered into by Our Company will not be affected by the name change. Any ongoing contracts, which are currently being performed by Cosco Container Lines Co., Ltd. will continue to be performed under the name of COSCO Shipping Lines Co., Ltd..

China COSCO Shipping Buys Shanghai Rural Commercial Bank

Image: Cosco

Australia & New Zealand Banking Corp (ANZ) has agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank (SRCB) for US$1.33bn. China Cosco Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp had each agreed to acquire 10 percent of SRCB. The sale comes as the bank moves to shrink its business and scale back its presence in the region. ANZ said the sale will not have a meaningful impact on its balance sheet, with the price broadly in line with the value of the asset in ANZ's annual accounts.

COSCO Secures Finance Pledge from CDB

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 .

Prosafe Extends Standstill Agreement with COSCO

Prosafe has extended a standstill agreement with COSCO Shipping (Qidong) Offshore Co. Ltd in China for two harsh environment semi-submersible accommodation units, Safe Nova and Safe Vega.The standstill agreement has been extended until May 21, 2018 as Prosafe continues negotiations with COSCO and related parties for a workable commercial solution for the two units.A third unit, Safe Eurus, is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution.If no agreement is reached, Prosafe has the right to claim cancellation of the newbuild contracts due to delay, and claim repayment of the instalments paid including interest of approximately $60 million in total…

COSCO Shipping Holdings to Buy Qingdao Port's Shares

Photo: Qingdao Port International

COSCO Shipping Ports and Qingdao Port International (QPI) announced to enter into the Transaction Agreement, pursuant to which COSCO Shipping Ports will make strategic investment in QPI. Taking the proposed New H Share Issurance plan of QPI into consideration, the Subscription Shares will represent approximately 16.82% of the issued share capital of QPI, and COSCO Shipping Ports’ shareholding in QPI will increase to approximately 18.41% in total. Shanghai China Shipping Terminal Development Co., Ltd.

OOIL, COSCO Deny Deal Rumors

Image: COSCO, OOIL

China Cosco Shipping Corporation Limited (Cosco Shipping) and Orient Overseas (International) Limited (OOIL)  denied reports that they are in negotiations for Cosco Shipping to take over OOIL subsidiary Orient Overseas Container Line (OOCL). Rumors about a deal for OOCL have grown over recent months, amid market consolidation and shake-up as the industry struggles to recover from a slump in freight rates linked to a glut of ships and slowing Chinese economic growth, reports Reuters. OOIL has denied knowledge of any potential bid for its container shipping business OOCL.

COSCO Ports and CMA Terminals Join Forces

Photo: CMA CGM

Cosco Shipping Ports  has signed a memorandum of understanding (MOU) with CMA Terminals Holding in Shanghai. The two parties have agreed to seek cooperation in ports worldwide and preference will be given to ports that the Ocean Alliance calls. Meanwhile, both sides have also agreed to provide support in terms of business and service to the ports that the other side has already invested. Zhang Wei, Vice Chairman and Managing Director of Cosco Shipping  Ports and Farid Salem, Executive Officer of CMA CGM Group signed the MOU in the presence of  Huang Xiaowen…

Cosco Firms Sign Insurance​ Agreement

Pic: Cosco Shipping Energy Transportation Co Ltd

Cosco Shipping Energy Transportation has entered into insurance services framework agreement with Cosco Shipping Insurance​ pursuant to which the latter will provide vessel-related insurance services to the Group. Cosco Shipping  Insurance is a wholly-owned subsidiary of Cosco Shipping , the Company’s indirect controlling shareholder. Accordingly, Cosco Shipping Insurance is a connected person of the Company, and the Insurance Services Framework Agreement and the transactions thereunder constitute continuing connected transactions of the Company.

COSCO Shares Climb After OOIL Bid

File Image (CREDIT: AdobeStock / (c) Marina Ignatova)

COSCO Shipping Holdings Co Ltd saw its stock climb on Monday after bidding $6.3 billion for a Hong Kong peer, a deal that would see it become the world's third-biggest container shipper and underline China's supply-chain ambitions. The offer for Orient Overseas International Ltd (OOIL) comes as China's government pushes to raise the country's profile in global shipping, which dovetails with its Belt and Road initiative aimed at increasing China's influence over distribution from Asia to Europe.

COSCO Rolls Out Shipping Financial Platform

Photo: China COSCO Shipping Co

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.

Hua Hai Long Joins COSCO Shipping Heavy Lift Ship Pool

On February 1, COSCO Shipping Co., Ltd. signed a POOL agreement with Guangzhou Salvage Bureau of the Ministry of Transport (GSBMT) in Guangzhou Ocean Plaza. According to the agreement, M.V. Hua Hai Long, the 30,000 DWT semi-submersible vessel of GSBMT, will come into service under the management of COSCO Shipping Co. COSCO Shipping aims to become the lead integrator in the global semi-submersible vessel market therefore they have initiated the first POOL model among the Chinese shipping companies.

COSCO Launches World's Largest Oil Tanker Fleet

Image: COSCO Shipping Energy Transportation

China's largest shipping company by fleet size China COSCO Shipping Co has officially launched COSCO Shipping Energy Transportation Co in Shanghai on Monday, creating the world's largest oil tanker fleet in terms of both ship numbers and deadweight tonnage, says a report in China.org.cn. With a total of 105 oil tankers, including nine liquefied natural gas carriers and a deadweight tonnage of 17.04 million, the new company has the world's biggest fleet of oil tankers and the largest transport capacity of its kind.

CSCL to Change Name to Cosco Shipping Development

Photo: China Shipping Container Lines

China Shipping Container Lines (CSCL) has proposed to change its name to Cosco Shipping Development Co (CSDC), in line with the company’s future business strategy and as a group member of China Cosco Shipping Corporation (Coscocs). "China Shipping Container Lines Co., Ltd. Board of Directors hereby announces that, in view of the Major asset restructuring program the company has been related to the motion of the Company and in February 1, 2016 the first meeting of 2016 Extraordinary General Meeting…

Cosco: No to Shark Fin

Photo by Wild Aid

China's biggest shipping and logistics company Cosco has pledged a total ban on transporting shark's fins,  says SCMP. It called the move a "body blow" to the international shark's fin trade. In a letter addressed to the Hong Kong branch of the US-based wildlife conservation group WildAid obtained by the Sunday Morning Post, China Ocean Shipping Company (Cosco Shipping) “pledges to implement” a “no shark fin” policy. Kang Bingjian, a company spokesman, confirmed the letter and the policy change, but could not give a time frame for the move.

Cosco Shipping Bids for Cogent

Photo: Cosco Shipping International

Cosco Shipping International has issued formal offer documents for its S$1.02 per share bid to privatise Cogent Holdings, reported Business Times. Cosco said that acceptances of the offer must be received no later than 5.30pm on Jan 5. Cosco Shipping had announced on Nov 3 that it is acquiring and privatising Cogent for S$488.07 million. Cosco Shipping had announced on Nov 3 that it is acquiring Cogent for S$488.07 million. The report quoted Cosco Shipping as saying that the rationale for the acquisition is to acquire control in one of Singapore's leading full service…

COSCO Places Large Lubricants Order with Shell

COSCO SHIPPING Taurus, one of COSCO SHIPPING’s 20,000 teu capacity containerships (Photo: Shell Marine)

Shell Marine said it has been awarded China Ocean Shipping (Group) Company’s (COSCO SHIPPING) largest marine lubricants order in 2017. This order will include the full range of marine lubricants and technical services for seven out of COSCO SHIPPING’S 10 new generation Ultra Large Container Carriers (ULCCs) with capacities of approximately 20,000 TEUs each, ordered in 2015 and due to be in service from 2018-2019. Shell Marine has supplied marine lubricants and services to over 140 COSCO SHIPPING vessels since 2004.

COSCO Ports Arm Inks Terminal Deal in Abu Dhabi

Photo: Abu Dhabi Ports

Abu Dhabi Ports has signed a container terminal concession agreement with COSCO SHIPPING Ports Limited - Abu Dhabi (CSPL SPV), a wholly-owned subsidiary of container terminal operator COSCO SHIPPING Ports Limited, a subsidiary of China COSCO SHIPPING Corporation Limited. The event was held in the presence of His Excellency Dr. Sultan Ahmed Al Jaber, the UAE Minister of State and Chairman of Abu Dhabi Ports, Zheng Chiping, Deputy Director of the foreign investment department of the National Development and Reform Commission of PRC and Wan Min…

Cosco Raises $1.8bln Capital

Photo: COSCO

China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily. COSCO Shipping Development will become a financing platform of its parent company-China Cosco Shipping Corp, the country's largest shipping company, according to its public statement. The company will use 6 billion yuan and 2.4 billion yuan from the proceeds for the capital injection into two of its subsidiaries…

China Cosco, DEME in Offshore Wind Deal

Photo: DEME

The Belgian dredging, environmental and marine engineering group DEME Group and Chinese COSCO Shipping have officially embarked on a joint journey to develop offshore wind energy in China, under an umbrella agreement signed on 31 October, following the two companies’ joint venture announcement in May. DEME and China COSCO Shipping are both market leaders in their sectors and have found one another in the COSCOCS - DEME joint venture active in offshore wind energy in China. As the largest shipping company in the world…

COSCO Shipping, DEME Signs Umbrella Agreement

Photo: DEME

The Belgian dredging, environmental and marine engineering group DEME and COSCO Shipping - the largest shipping company in the world - will work closely on the development of offshore wind energy in China. The umbrella agreement was signed today in the presence of Belgian Prime Minister Charles Michel and the Chinese Premier Li Keqiang. The attendance of both Heads of Government signifies the importance of the cooperation agreement and the Chinese vision concerning the transition to renewable energy.

COSCO Shipping Company, Ltd. establishes Joint Venture

After more than twenty-five years of close and productive cooperation in  providing safe and efficient world-wide ocean transportation for a wide  variety of offshore and onshore industry cargoes, COSCO Shipping Company, Ltd. and NMA Maritime & Offshore Contractors B.V. have decided with immediate effect to further solidify their relationship by  forming two Joint Ventures, separately in the Netherlands and in the U.S.A. It is significant that COSCO Shipping Company is the only company, which has  a large fleet of both semi-submersible and conventional heavy-lift vessels. These two types of vessels constitute COSCO Shipping Company's core business. COSCO Shipping Company has a pool of  6 newly designed, semi-submersible vessels of 20,000, 30,000, 40,000 and  50,000 DWT capacities.

Cosco Rolls Out Largest Semi-Submersible Ship

Photo: COSCO

Breakbulk carrier COSCO Shipping has rebranded as COSCO Shipping Special Transport and launched its largest semi-submersible vessel to date, the Xin Guang Hua, reports Xinhua News Agency. Xin Guang Hua, capable of carrying 100,000 tonnes of cargo, is 255 meters long and 68 meters wide. Guangzhou Shipyard International Company, the builder, delivered the ship to Cosco Shipping Specialized Carriers Co. Ltd, a member of China Ocean Shipping Group, in the southern city of Guangzhou.

Maritime Reporter Magazine Cover May 2018 - Marine Propulsion Edition

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