State-owned China Cosco is looking to reduce bunker fuel consumption as bunker prices are soaring through the roof, averaging above $700 per metric tonne for Singapore 380 cst high-sulphur grade.
The agreement stipulates that Cosco Bulk will set up energy efficiency management systems on all its vessels and carry out research on fuel saving technology and operation.
In December 2011, China Cosco set up Beijing-based unit Cosco Bulk to manage operations in Tianjin, Qingdao, Shenzhen and Hong Kong. It also established two desks to trade the group's bulkers in Beijing and Hong Kong.
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