COSCO Group said that it signed a “strategic cooperation framework” last week with China Shipping.
“The two sides will establish a comprehensive strategic partnership and a resource-sharing mechanism in areas of shipping, terminal operation, logistics, shipbuilding, ship repair, etc. The agreement will help the two companies achieve advantage complementation and coordinated growth, and be better prepared for industrial changes, so as to improve the influence of Chinese shipping companies in the world shipping industry,” said COSCO in a press release
posted on its website.
China's national English language newspaper, China Daily, said the partnership is “seen as a move to retain market share amid a persistent downturn in the industry."
With 776,615 TEUs of space on owned and chartered containerships, COSCO is listed as the world’s fifth largest container carrier, and China Shipping with 582,632 TEUs as the ninth largest container carrier on the Alphaliner Top 100 list
The agreement, which was signed at a ceremony in Beijing, was attended on behalf of COSCO Group by Chairman Ma Zehua and President Li Yunpeng, and on behalf of China Shipping by Chairman Xu Lirong and President Zhang Guofa.
The website SinoShip News said “The coming together follows a 2012 agreement between the two groups’ container lines on domestic routes.”