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...]

COSCO Takes Biggest Container Line Title from Maersk

By Mike Wackett (The Loadstar) - A 23% increase in containers lifted allowed Cosco to steal the top spot from Maersk Line in the third quarter. The Chinese carrier loaded 5.49 million teu, compared with the Danish carrier’s 5.26m. According to Alphaliner’s liftings league table, the Chinese line loaded 23% more containers in Q3 than in the same period of 2016, whereas … [Read more...]