COSCO Shipping Plans to Establish Two Joint Ventures

COSCO Shipping Co., Ltd. is planning to establish two joint ventures in Rotterdam, the Netherlands and Houston, the United States and with NMA Maritime＆ Offshore Contractors B.V. The Company will hold a 70% stake in the two joint ventures that will be involved in attracting shipping business.

On Dec 8, 1999, COSCO Shipping Co., Ltd. (COSCO Shipping) was jointly established by Guangzhou Ocean Shipping Company, Guangzhou Ocean Shipping Agency, Shenzhen Ocean Shipping Co., Ltd. and COSCO Guangzhou International Freight Forwarding Co., Ltd. On April 18, 2002, COSCO Shipping, with registered capital of RMB 468 million, went public at the Shanghai Stock Exchange under the name of COSCO Shipping (600428) which became part of the Shanghai Stock Exchange 180 Index in 2003. It owns and operates 89 ships including heavy lift, semi-submersible, ro-ro/lo-lo, multi-purpose, general cargo ships and pure car carriers, totaling over 1,400,000 DWT.

As an owner of international ships and an operator of international shipping, COSCO Shipping under the banner of COSCO Group dedicates itself to constructing a large, modern and flexible fleet of special ships with competitive powers. It offers liner service from China and Far East to Bangladesh, Africa, Europe, Persian Gulf, the Red Sea and west coast of South America, specializing in transport of oversized and super-heavy cargoes, uncontainerizable cargoes as well as cargoes with special loading and discharging requirements.

[mappress]

World Maritime News Staff, December 27, 2011;