English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

COSCO Ports and CMA Terminals get closer

SHANGHAI: January 26, 2017. COSCO Shipping Ports and CMA Terminals Holding have signed an MoU in a bid to further strengthen their joint global port investments and operations.

COSCO PireausBoth organizations have agreed to cooperate in ports worldwide, particularly those included in the Ocean Alliance. The two sides said they would also support each other's current investments in business and services.

Earlier this month COSCO Shipping Ports said it would acquire a 16.82 percent stake in Qingdao Port International (QPI), operator of China's sixth busiest port.

The two companies also announced a Strategic Cooperation Agreement to develop Qingdao into an international shipping hub in Northeast Asia; co-invest in overseas terminal projects including the Khalifa Port Container Terminal II project in Abu Dhabi; and establish companies to manage and operate domestic and overseas terminal projects.

Parent company China COSCO Holdings said it sold for scrap eight container vessels with a total capacity of 410,000 DWT during the fourth quarter of 2016 for US$21 million. The company said it incurred a total net loss of US$93 million on the transaction and expects to post a net loss of US$1.44 billion for 2016 as a result.

COSCO Container Lines - which reported a fourth quarter pre-tax profit of US$102 million – plus CMA CGM, Evergreen Line and Orient Overseas Container Line expect to launch their Ocean Alliance in April with 40 services linking 100 ports on East-West trades and a combined capacity of 3.5 million TEUs.

CMA CGM said would deploy 119 vessels with a 35 percent capacity share of the 'Alliance.

More News

Written on 28/04/2017, 17:00
maersk-line-gets-go-ahead-to-purchase-hamburg-suedCOPENHAGEN: APRIL 28, 2017. Maersk Line is to go ahead with the purchase of Hamburg Süd for €3.7 billion in cash following Board approval by both...
Written on 26/04/2017, 19:33
miami-makes-more-of-pharma-freightMIAMI: April 26, 2017. MIA Pharma Hub partner LATAM Cargo has become the first airline in America to receive IATA's Center of Excellence for Independent...
Written on 26/04/2017, 18:40
india-s-largest-container-port-opensMARSEILLE/ AHMEDABAD: April 25, 2017. CMA CGM and the Adani Ports Special Economic Zone (APSEZ) are to operate India's latest and largest container...
Written on 26/04/2017, 14:07
qatar-airways-adds-two-more-u-s-destinationsDUBAI, UAE: April 24, 2017. Qatar Airways is to begin service to San Francisco and Las Vegas next year. Other additions to its network in 2018 will...
Written on 26/04/2017, 00:10
gothenburg-avoids-landfill-in-major-new-terminalGOTHENBURG: April 25, 2017. In its largest expansion project since the 1970s, the Port of Gothenburg is to build a 220,000 sq. mt. terminal at the outer...
Written on 25/04/2017, 20:54
waco-system-adds-azerbaijan-memberLONDON: April 24, 2017. Trans Global Projects (TGP) has joined the WACO System global forwarder network as a member for Azerbaijan. Founded in the UK as...
Written on 25/04/2017, 20:38
bahrain-airline-to-operate-new-boeing-conversionWILMINGTON, OH. April 25, 2017. Bahrain-based Texel Air is the launch customer for a new conversion program by Pemco World Air Services for the...
Written on 25/04/2017, 19:43
cma-cgm-begins-indonesia-u-s-west-coast-direct-serviceJAKARTA: April 23, 2017. The CMA CGM 'Otello' has become the largest container vessel to call at the Jakarta International Container Terminal (JICT) at...
Written on 25/04/2017, 17:13
pegasus-adds-four-russian-destinations-from-londonLONDON STANSTED: April 25, 2017. Pegasus Airlines is launching new B737-800 services from London Stansted to four destinations in Russia plus Abu Dhabi,...
Written on 25/04/2017, 16:26
jd-com-to-offer-smart-supply-chain-servicesBEIJING: April 25, 2017. JD.com, China's other online retailer, has launched JD Logistics to provide smart supply chain and logistics services to a wide...
Written on 21/04/2017, 15:35
walmart-launches-gigaton-elimination-goalBENTONVILLE, AR: April 20, 2017. Walmart has launched 'Project Gigaton' to encourage its suppliers to help eliminate one billion tonnes of greenhouse gas...
Written on 20/04/2017, 19:00
samskip-grows-perishables-businessROTTERDAM: April 20, 2017. Samskip is to acquire New Jersey-based freight forwarder Rimar Consultants to expand the perishables business of its U.S....
Written on 19/04/2017, 21:26
airbus-to-trial-autonomous-drone-with-singapore-postSINGAPORE: April 18, 2017. Airbus Helicopters and Singapore Post (SingPost) are to begin trials of the Airbus Skyways drone project at the National...
Written on 18/04/2017, 21:39
niledutch-uses-ai-for-predictive-logisticsSAN FRANCISCO/ROTTERDAM. April 18, 2017. Africa box carrier and breakbulk specialist NileDutch is to use ClearMetal AI and predictive logistics technology...
Written on 18/04/2017, 18:29
united-airlines-arrives-at-watershed-momentCHICAGO: April 17, 2017. United Airlines has reported a 69.3 percent drop in net income to US$96 million for the first quarter of 2017, on a 2.7 percent...
Written on 18/04/2017, 17:54
teamsters-reach-new-airline-agreementsPURCHASE, NY: April 17, 2017. Teamsters union flight dispatchers at Atlas Air and Polar Air Cargo have voted to extend their contract with the two...
Written on 13/04/2017, 14:25
not-your-usual-award-ceremonyAMSTERDAM: April 12, 2017. The Royal Schiphol Group has recognized its business partners who have distinguished themselves through innovative business...
Written on 12/04/2017, 20:51
deutsche-post-doubles-electric-mail-fleetBONN: April 11, 2017. Deutsche Post DHL is to expand production of its StreetScooter postal service electric van from 10,000 to 20,000 units in response...
Written on 12/04/2017, 19:07
delta-cargo-weathers-2017-first-quarterATLANTA: April 12, 2017. Delta Air Lines has reported a 36 percent fall in net income to US$603 million for the first quarter of 2017 compared to the...
Written on 11/04/2017, 20:50
russia-to-begin-all-weather-lng-shipping-via-northern-sea-routeSABETTA, Russia: April 11, 2017. The world's first ice-breaking LNG tanker, named after former Total head Christophe de Margerie, has berthed at Russia's...

- powered by Quickchilli.com -