Two subsidiaries of CSSC Offshore & Marine Engineering (Comec) have received Chinese government grants totalling RMB41.59m ($6.04m) to undertake projects on developing high-tech equipment.
China’s Guangzhou Port Group has acquired a 52.51% stake in Zhongshan Port & Shipping Enterprise Group for RMB500m as a start to a ports consolidation plan of Guangdong province.
As China enforces its 0.5% sulphur emission control areas (ECAs) from 1 January 2019 it is also mandating that new domestic vessels be equipped for shoreside power, or cold ironing.
Qingdao port, the leading crude oil and ore handling port of China, has started building its second 300,000 tonne-class crude oil terminal at Dong Jia Kou port area with completion scheduled by the end of 2019.
Abu Dhabi Ports and China Cosco Shipping subsidiary, Cosco Shipping Ports, have inaugurated the $300m CSP Abu Dhabi Terminal at Khalifa Port in the UAE, an investment that ties the emirate into Beijing’s Belt and Road Initiative (BRI).
Wuhan Shipping Exchange has launched three Yangtze river shipping indexes, namely WSCFI (Wuhan Shipping Container Freight Index), CCSFI (China Coal Shipping Freight Index) and CARPI (Changjiang Automobile-roro Prosperity Index), to promote shipping industry development of Wuhan and Yangtze river.
China’s eastern province Anhui has set up a new Anhui Port & Shipping Group to promote local port and shipping business.
Energy transformation and climate changes are posing serious challenges to international shipping, which, even though shipping is considered an efficient mode of transport, is under pressure to reduce its emissions, speakers said at the International Marine Intelligent Energy Efficiency Technology Summit 2018 held in Shanghai.
The global dry bulk shipping market is expected to see flat rates and a marginal fleet growth in 2019, with potential near-term positive prospect following a temporary truce in trade war between China and US.