Cosco Plans Investments in US, German and Indian Port Facilities

China’s largest shipping firm Cosco is keen to invest in ports along its key container vessel routes.

The company collects docking fees from ships and charges them for unloading and storing cargo.

Upon striving to secure revenue, Cosco is planning to invest in a port on the east coast of the US or in the Gulf of Mexico, in addition to the port of Hamburg or a port in India.

Cosco chairman Wei Jiafu stressed the importance of eastern US ports, since such facilities have to install deep-sea piers for large container ships that will travel between the Pacific Ocean and the Atlantic Ocean following the expansion of the Panama Canal set to be completed in 2014.

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World Maritime News Staff, December 15, 2011