COSCO, CSIC Sign Cooperation Agreement

On December 4, 2012, China Ocean Shipping (Group) Company (COSCO) and China Shipbuilding Industry Corporation (CSIC) held a signing ceremony in Beijing for a strategic cooperation agreement.

The ceremony was attended by Capt. Wei Jiafu, Chairman of the Board of COSCO Group, Ma Zehua, President of COSCO Group, Li Yunpeng, Executive Vice President of COSCO Group, Li Changyin, President of CSIC, Qian Jianping, Executive Vice President of CSIC and Sun Bo, Executive Vice President of CSIC.

The agreement was signed by Li Yunpeng and Qian Jianping on behalf of their companies.

Meng Qinglin, Managing Director of Dalian Ocean Shipping CO., Ltd, Liu Zheng, Managing Director of Dalian Shipbuilding CO., Ltd, and Xu Ziqiu, Managing Director of China Shipbuilding Industry International Trade CO., Ltd signed a shipbuilding contract for 2+2 VLCCs, thus launching the first project of the cooperation agreement.

According to the agreement, COSCO and CSIC will deepen their cooperation in shipbuilding technology, logistics, transportation and numerous other fields. The aforementioned VLCCs are newly typed vessels that incorporate environment friendly designs, paying special attention to energy conservation. Moreover, fuel consumption of the vessels is much lower than that of the traditional ones.

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Press Release, December 05, 2012