COSCO goes for strategic partnership agreement with CCCC

Monday, 10 January 2011 00:01 - - {{hitsCtrl.values.hits}}

On 4 January 2011, the signing ceremony of a strategic partnership agreement between COSCO Group and China Communications Construction Company Limited (CCCC) was held in Ocean Plaza, Beijing.

The signing ceremony was attended by Capt. Wei Jiafu, President and CEO of COSCO Group, Zhang Fusheng, Executive Vice President of COSCO Group, Zhou Jichang, Chairman and Executive Director of CCCC. Representing each party of the agreement, Xu Lirong, Vice President of COSCO Group and Chen Yun, Vice President of CCCC, signed the agreement respectively.

China Communications Construction Company Limited is the first state-owned corporation group in infrastructure construction industry that is wholly listed in overseas capital market.

Its business extends to the design and construction of transportation infrastructure, dredging and heavy machinery manufacturing business, covering more than 70 countries and regions. COSCO Group is a transnational corporation engaged in international shipping, logistics, terminal operation and ship building and repairing. According to the strategic partnership agreement, the two parties will strengthen future cooperation in terminal infrastructure, terminal construction and ship-building infrastructure and to promote a shared goal in overall transportation.

The signing of the agreement will be of great advantage for both parties in consolidating existing collaborations, avoiding market risks, optimizing management and controlling operational costs, and will further promote the sustainable partnership between COSCO Group and CCCC.

China COSCO sees significant growth in 2010 results

Reuters: China COSCO Holdings Co Ltd., the country’s top shipping conglomerate, expects to have a significant growth in 2010 results, thanks to the sustained recovery of world economy.

The company is expected to record a net profit for 2010 against a net loss for 2009 as the shipping market regained strength, it said in a filing to the Hong Kong stock exchange. It reported a net profit of 5.64 billion yuan ($851.4 million) in the first nine months of 2010 compared to a loss of 5.36 billion yuan the previous year.China COSCO said it was still in the process of finalising the audited annual results and the forecast was based on a preliminary assessment by the management.