SINGAPORE, April 4 (Reuters) - China Marine Bunker (PetroChina) Co Ltd, known as Chimbusco, has agreed a one-year supply deal with a COSCO Shipping Corp unit for low-sulphur marine fuel that meets new global environmental rules, according to a Chimbusco statement posted on a social media platform. A Chimbusco executive told Reuters on Thursday that the marine fuel company … [Read more...]
China’s Cosco Plans $200 Million Abu Dhabi Container Terminal Expansion
By Stanley Carvalho ABU DHABI, Dec 10 (Reuters) - China's Cosco Shipping Ports Ltd plans to expand its container terminal in Abu Dhabi in the next three to five years with an investment of $200 million as more Chinese companies set up in the emirate, its vice-chairman and managing director said. Cosco's new container terminal, with a capacity of 2.5 million TEUs … [Read more...]
Profit Falls 98 Percent For Cosco
by Brenda Goh (Reuters) - China’s COSCO Shipping Holdings Co Ltd on Thursday said first-half profits fell 97.8 percent as it grappled with higher costs and a slide in freight rates. China’s largest shipping group, which has bought a Hong Kong peer to become the world’s third-largest container liner, said January-June net profit was 40.8 million yuan ($6 million), down from … [Read more...]
COSCO Back in the Black, With a Little Help from State Friends
By Mike Wackett (The Loadstar) - COSCO Shipping posted a net profit of $264m in 2017, reversing a loss of $1.1bn in the previous year, as it targets a June date for closing the $6.3bn takeover of Orient Overseas International Lines (OOIL) and its container line arm, OOCL. Turnover at the Chinese state-owned carrier leapt 30%, compared with the previous year, to $12.8bn, … [Read more...]
COSCO Shipping’s Takeover of OOCL to Close by End-June, Vice Chairman Says
By Brenda Goh SHANGHAI, April 3 (Reuters) - COSCO Shipping's planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, the company's vice chairman Huang Xiaowen said on Tuesday. COSCO is still answering questions from the Committee on Foreign Investment in the United States on the deal, and is also awaiting a number of … [Read more...]