China Cosco Shipping Corporation (Cosco Shipping) may consider acquiring Hanjin Shipping’s port assets, but it has no desire to buy any distressed ships from the Korean line, reports said.
China Cosco Holdings Company Limited has proposed to change its name to Cosco Shipping Holdings Co to better reflect its new business direction following the formation of the parent firm China Cosco Shipping Corp (Coscocs).
Cosco Pacific continued to see container throughput rise in June with overall volumes rising 4.5% to 7.96m teu, led by good growth in its overseas terminals and the rapidly growing Southwest Coast and Southeast Coast ports, but dragged down however by the mature ports in the Pearl River Delta and Yangtze River Delta.
PSA Corporation (PSA) has inaugurated the PSA Living Lab in Singapore for the port and logistics industry, with close to SGD100m ($73.6m) committed to the initiative over the next three years.
PSA Singapore (PSA) has invested in 22 new battery-powered automated guide vehicles (AGVs) for its container terminals, bringing the fleet to 30 units.
Container terminals operator Cosco Pacific Limited has proposed to change its name to Cosco Shipping Ports Limited, following its parent firm China Cosco Group’s merger with China Shipping Group.
China’s Tianjin Port Development Holdings has reported decreased earnings for the financial year ended 31 December 2015 due to its slowing sales business.
Major Chinese port operator Cosco Pacific saw 2015 full-year net profit rise by 30% to $381.6m on the back of a writeback of provisions on the disposal of its stake in China International Marine Containers. Without the extraordinary gain however, profit was almost flat, rising just 3% to $302.5m from $292.8m in 2014, it said in a stock market announcement.