HONG KONG (Dow Jones)–Cosco Shipping Co. (600428.SH), the heavy-lift and project cargo unit of state-owned China Ocean Shipping (Group) Co., plans to spend around US$1.5 billion over the next four to five years to buy up to 40 new ships and replace older vessels, the South China Morning Post reported Tuesday, citing Cosco Shipping Chief Operating Officer Guo Jin.
The report cited Guo as saying that the company’s fleet renewal program will coincide with a revival in offshore oil and gas exploration by major energy companies.
Newspaper website: http://www.scmp.com
-By Hong Kong Bureau, Dow Jones Newswires
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
(Bloomberg) — The biggest labor union at South Africa’s state-owned port and rail company are starting final talks with a third-party arbitrator to resolve a wage dispute and stave off...
The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.
Finland’s premier icebreaker designer, Aker Arctic, has been awarded a contract to develop a new state-of-the-art mid-size icebreaker. The effort is part of a major fleet renewal program to ready Finland's icebreaking fleet for the changing requirements in the Baltic Sea. The country is also part of the ICE Pact with Finnish yards looking to construct icebreakers for Canada and the U.S.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
