China, Greece Agree to Push Ahead with COSCO’s Piraeus Port Investment

ATHENS, Nov 11 (Reuters) - China and Greece agreed on Monday to push ahead with a 600 million euros investment by COSCO Shipping into Greece's largest port, Piraeus, as part of efforts to boost its role as a hub in rapidly growing trade between Asia and Europe. The agreement, part of 16 trade deals signed between Greece and China, came during an official visit by Chinese … [Read more...]

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...]

U.S. Slaps Sanctions on COSCO Tanker Units

The sanctions targeted COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian), along with Seaman & Ship Management Co. and a handful of other Chinese nationals and entities. By Humeyra Pamuk NEW YORK, Sept 26 (Reuters) - The United States is imposing new sanctions on certain Chinese entities and people who it accuses of knowingly transferring oil from … [Read more...]

COSCO Flags Risks from Oil Price, Trade Dispute as Profit Halves

SHANGHAI, March 29 (Reuters) - China's COSCO Shipping Holdings Co Ltd said trade frictions and high oil prices pose risks for the global shipping industry this year, after confirming on Friday that its net profit for 2018 fell by more than half. The state-owned company, the world's third largest container shipping line, said net profit attributable to shareholders slid 53.8 … [Read more...]

Blackstone, KKR Said to Pursue $1 Billion Container Terminal in Long Beach

By Gillian Tan and Vinicy Chan (Bloomberg) -- Cosco Shipping Holdings Co.’s sale of a container terminal in Long Beach, California has drawn interest from potential buyers including Blackstone Group LP and KKR & Co., people familiar with the matter said. EQT Partners and an arm of Macquarie Group Ltd. have also been studying a deal for the asset, the people said, asking … [Read more...]