Tanker Rates Soar as U.S. Sanctions Rattle Crude Trade

By Florence Tan and Chen Aizhu SINGAPORE, Sept 27 (Reuters) - Key oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran. In what the State Department called "one of the largest sanctions … [Read more...]

China’s Unipec Scoops Up Charters as U.S. Sanctions COSCO Tankers

By Jonathan Saul and Chen Aizhu LONDON/SINGAPORE, Sept 26 (Reuters) - China's Unipec has made replacement bookings for four oil shipments from the Middle East Gulf after the United States imposed sanctions on the tanker subsidiaries of China's COSCO, three shipping sources said on Thursday. The sources said Unipec, the trading arm of Asia's top oil refiner Sinopec, had … [Read more...]

COSCO Shipping Secures IMO-Compliant Fuel Supply

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...]