Voyage to a sustainable future

COSCO shift focus to emerging markets

China Ocean Shipping (Group) Company (COSCO), the country's largest shipping operator, will strengthen its financial and resource support to shipping routes from China to Africa, South America and Southeast Asia over the next seven years, a top company official said. The strategy will help to further prevent unexpected risks caused by flagging markets in the United States and Europe.

Ma Zehua, chairman of COSCO, said COSCO had put its best resources on the trading routes among China, the US and Europe since 2003. Hurt by the global economic crisis, the slump in these markets and a supply glut in the industry has resulted in financial losses to the Chinese company for more than two years. Ma made the remarks during an interview with China Daily at the 2013 World Shipping (China) Summit held in Ningbo, Zhejiang province. Read more>>

Powerhouse of international shipping

Cosco Shipping Co's new shortcut route to Europe and North America via the Arctic Northeast Passage is expected to change China's industrial layout in its coastal provinces and reshape the prospects for the global shipping sector, said industry experts.

Cosco Shipping, a listed company within China's shipping giant Cosco Group, made its maiden journey on the route with a multipurpose vessel on Thursday. It plans to serve the company's needs in developing the new route and searching for market growth points. The company conducts general and specialized cargo shipping services for Cosco Group.

The ship left Dalian port in Northeast China's Liaoning province and is scheduled to take 33 days to reach Europe. It is the first time a Chinese merchant ship has traveled to Europe via the Arctic Northeast Passage. Read more>>

Voyage to a sustainable future

Voyage to a sustainable future

COSCO to expand operations in Greece

China's largest bulk shipper COSCO Holdings Co has agreed a multi-million-euro expansion of its container operations at Greece's biggest port Piraeus (OLP), easing the way for the port's privatization.

Under a deal announced by Greek officials yesterday, COSCO will not pay fees to OLP in return for making the investment, removing a question mark over growth at the port and moving Greece a step closer to selling its 74 percent stake.

In turn this could add impetus to Greece's ailing sell-off program, which has been hampered by the wariness of international investors to buy assets in the recession-hit country but which remains vital if Greece is to keep receiving bailout funds and debt relief from its international lenders. Read more>>

Trade in and trade out

Voyage to a sustainable future

Trade activity lifts outlook in maritime sector

Meng Lingru, an industry analyst with Shanxi Securities Co, said demand for shipping commodities and raw materials should rise at a fast pace, especially in developing countries.

"Countries in Southeast Asia and Africa are planning to launch more infrastructure and urbanization projects, so the dry bulk shipping market should see decent growth over the next three years or even longer," Meng said. "Dry bulk tonnage will definitely grow faster than in 2012." Read more>>

Voyage to a sustainable future
Tough times ahead for China's exports as global uncertainties continue.

The coming of the Chinese Lunar New Year is often associated with change. But the next few days, when the nation gets ready to welcome the Year of the Snake, or even months, are unlikely to lead to higher shipments or better trade numbers for export-oriented Chinese companies as global uncertainties continue to drag down demand. Read more>>

Sustainable effort

COSCO sustainable report 2012

While pursuing economic benefits, COSCO Group shoulders social responsibilities and performs the environmental protection requirements in Global Compact. It has set the guidelines of environmental protection as "comprehensive management, preservation of resources, environment protection" and has committed to protecting the environment and preserving global resources, and supporting and participating in ecological protection activities as a social responsibility undertaker to initiatively improve enterprises' environmental protection system.

COSCO Group has taken the safety and the environmental protection as an important part of its commitment. COSCO Group has strictly implemented rules and regulations regarding environmental protection in domestic laws and regulations as well as international conventions, actively performed applicable suggesting standards, decrees and related requirements on environment protection home and abroad.

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Voyage to a sustainable future

Voyage to a sustainable future