COSCO SPENDS ON CHINESE PORTS

Companies COSCO-China Ocean Shipping

Hong Kong-listed COSCO Pacific Ltd has signed contracts to invest in southern and eastern Chinese ports, including the development of mixed-use terminals.


Second-tier Chinese coastal ports have greater growth potential
COSCO Pacific, a subsidiary of Chinese state-owned COSCO Group, said last Saturday that it plans to increase its overall market share in China by diversifying its terminals portfolio with the inclusion of bulk terminals in addition to the expansion of its core container ports business.

The signed agreements will see COSCO Pacific partner with state-owned Hainan Harbor & Shipping Holding Ltd to develop the Qiongbei port area at Haikou port in the southern Chinese province of Hainan.

Cosco Group signs contracts to build 66 ships
Apr. 23, 2007 (China Knowledge) – Cosco Group, China´s leading shipping and logistics service provider, Saturday signed contracts with four domestic shipyards to build 66 ships. Zhang Fusheng, a Cosco spokesman, did not disclose the total value of these shipbuilding contracts but said they summed up to a record amount for the shipping giant, Xinhua news reported. The 66 ships - including contain.....

Development plans include the construction of 19 container and multi-purpose berths with an annual handling capacity of 450,000 tewnty-foot equivalent units (TEUs), 4.2 million tonnes of cargo and 1.12 million vehicles.

The deal is part of COSCO Group´s earlier-announced pledge to invest $1.3 billion in Hainan province´s shipping and related industries, news reports said.

COSCO Pacific also signed agreements with state-owned Fujian Provincial Communication Transportation (Shareholding) Ltd to co-acquire a 30% stake in the Fuzhou Port Group, which operates 49 berths in the eastern province of Fujian.

This deal will allow COSCO Pacific to take part in future port developments in the province.

The Fuzhou Port Group handled 43 million tonnes of cargo last year, a 34.4% year-on-year growth.

COSCO Pacific said last month that it has set aside $777 million this year for new port investments and container-leasing capacity.
The company has been expanding its port-handling capacity in China lately, with an increasing focus on ports in second-tier Chinese coastal cities, which have greater growth potential.


COSCO inks contracts with four domestic shipyards to build 66 ships



COSCO Group, China´s leading shipping and logistics service provider, inked here on Saturday contracts with four domestic shipyards to build 66 ships.

Zhang Fusheng, a COSCO spokesman, did not disclose the total value of these shipbuilding contracts but said they summed up to a record amount for the shipping giant.

The move is to help meet China´s strong demand for shipping as the country´s fast economic development gives rise to more imports of energy resources and more auto imports and exports, said analysts.

Wu Bangguo, Chairman of the Standing Committee of China´s National People´s Congress, attended the signing ceremony on the sidelines of the annual conference of the Boao Forum for Asia.

The 66 ships - including container ships, bulk cargo ships, oil tanker and car carriers - will have a total deadweight tonnage of 5.14 million.

They will be built by four domestic firms, including China Shipbuilding Industry Corp., COSCO Shipbuilding Industry Co. and COSCO Shipyard Group, and will be delivered between 2008 and 2010.

COSCO currently owns 740 ships, with a total loading capacity of 46 million dwt.

Source: Xinhua