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China Cosco Shipping Group signed a cooperation framework agreement with Tianjin Port (Group) on Oct 26 in Tianjin.
The two parties will establish a comprehensive strategic partnership of cooperation, and promote the reform of the port of Tianjin and SOEs to contribute to State-building.
They will focus on capital cooperation, terminal investment and management, shipping and logistics, shipping finance and talent exchange.
China Cosco Shipping Group is an SOE headquartered in Shanghai. It resulted from the merger of China Ocean Shipping (Group) Company (COSCO) and China Shipping (Group) Company (China Shipping).
Its fleet consists of 1,114 vessels with a capacity of 85.32 million DWT, ranking it No.1 in the world. Its container fleet capacity is 1.58 million TEU, the fourth in the world. Its self-owned dry bulk fleet, tanker fleet, general cargo and specialized cargo fleet, are No.1 in the world in terms of capacity. The throughput of its container terminals worldwide is second in the world.
Tianjin Port (Group) is a large State-owned transportation enterprise directly managed by Tianjin. It is the main force in the biggest northern comprehensive port. In 2016, its cargo throughput reached 550 million tons, ranking fifth in the world; cargo throughput in terms of TEU (twenty-foot equivalent unit) was 14.5 million, tenth in the world.
