MacGregor Secures Contract for COSCO Fleet
- Business & Finance
MacGregor, part of Cargotec, and China’s shipowning group COSCO Shipping have decided to strengthen cooperation as they signed a framework purchasing agreement.
Under the deal, MacGregor would provide spare parts and service of equipment installed on COSCO’s fleet of more than 1,000 ships operating worldwide.
“We are looking forward to increasing our collaboration with COSCO Shipping,” John Carnall, Senior Vice President, Global Lifecycle Support, MacGregor, commented.
“The framework agreement provides for the scope of support services supplied to COSCO Shipping to be further enhanced, and will additionally enable more effective inventory forecasting across the fleet.”
The agreement with COSCO comes less than a month after MacGregor received a clearance decision from the Chinese competition regulator for the acquisition of the marine and offshore businesses of TTS Group, thus expanding its footprint in China.
After obtaining the approval by China’s State Administration for Market Regulation (SAMR), MacGregor was able to wrap up the TTS acquisition on July 31.
With the acquisition, MacGregor expects to boost its marine and offshore activities in key areas and add further service growth potential through the increased installed base. The company would also strengthen its position in China through strategic joint ventures with Chinese state-owned shipbuilding companies CSSC and CSIC.