COSCO said that on Dec. 4 it signed a strategic cooperation agreement with China Shipbuilding Industry Corp. and an order for two VLCCs, with an option for two more
According to the agreement, COSCO and CSIC will deepen their cooperation in shipbuilding technology, logistics, and transportation.
"The signing of the agreement will help with China's strive towards a maritime power, and realize low-carbon development," said COSCO. It said the new tankers will have low fuel consumption and features to protect the environment.
Meanwhile, the news service SinoCast Daily Business Beat
said Friday that COSCO Shipping Co., Ltd. has announced it plans to take over the 100 percent equities that COSCO Group holds in Guangzhou Ocean Shipping Co., Ltd. with 1.1 Chinese Yen Renminbi ($176 million)
It said Guangzhou Ocean Shipping is engaged in lumber and asphalt ocean shipping, ship material supply, ship communications and navigation equipment installation and maintenance, ship technology consultancy and new ship equipment agent. - Chris Dupin