In July, 2020, the company entered into an agreement with Alibaba and its affiliate Ant Group, to jointly promote the cooperation on and application of shipping blockchain. The US lifted the sanctions against COSCO Shipping in January 2020. However, the parent company of the aforementioned companies were not sanctioned. On September 25, 2019, the US Treasury Department sanctioned the tanker subsidiary of COSCO Shipping, COSCO Shipping Tanker (Dalian) Seaman & Ship Management, as well as COSCO Shipping Tanker (Dalian), for breaching the United States sanctions against Iran. At the event, the three companies announced a roadmap for large-scale implementation of 5G technology in ports. The achievement demonstrated an application of 5G technology in developing a "smart port". On May 11, 2020, COSCO Shipping Ports, Dongfeng Commercial Vehicle, and China Mobile successfully transported a shipping container within Xiamen Ocean Gate Terminal using an AGV guided by 5G. In November 2019, the company invested $660 million to upgrade the Piraeus container port, Greece's largest port. In December 2018, COSCO Shipping Ports secured a 35-year concession to operate and develop a newly built container terminal in Khalifa Port. In May 2017, the company signed a deal with Kazakhstan's national railway company to take 24% stake in an inland port in the Khorgos Eastern Gate Special Economic Zone. COSCO has used the finances to invest in its ports and infrastructure projects. In January 2017, the company was awarded $26.1 billion by the China Development Bank to participate in the Belt and Road Initiative. Its subsidiary Piraeus Container Terminal ( PCT) has been operating two Piers at Piraeus Port since 2009. In April 2016 the company agreed to buy 51% of Piraeus Port Authority, which is listed on the Athens Stock Exchange ( Athex: PPA) and is a constituent of the FTSE/Athex Large Cap index. This will make it one of the world's largest container shipping company with a fleet of over 400 vessels. Orient Overseas (International) is the parent company of OOCL. Shortly after, the subsidiary COSCO Shipping Holdings partnered with Shanghai International Port Group to acquire the majority stake of Orient Overseas (International) from Tung Chee-hwa- Chee-chen families. The merger was also part of a Chinese government strategy to restructure its state-owned shipping sector. The merger – which occurred during a downturn in the marine transportation industry – sought to achieve economies of scale. In January 2016, the Chinese State Council approved the merger of COSCO and China Shipping, forming COSCO Shipping. China Shipping's other subsidiaries operated oil tankers, tramps, passenger ships, and car carriers. China Shipping Container Lines' container ship CSCL Globe was the world largest in 2014. By May 2014, China Shipping's container shipping subsidiary – China Shipping Container Lines – operated 156 container vessels with 656,000 TEU capacity. The group was a Chinese state-owned multinational transportation conglomerate. China Shipping (Group) Company was founded in 1997 and was headquartered in Shanghai.
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