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Cosco sees little impact from Tianjin blast

Cosco sees little impact from Tianjin blast
Cosco China has announced that its assets have not been materially affected by last week's major explosion at a dangerous goods warehouse in Tianjin Port.

According to a stock market announcement, Cosco said its vessels at the anchorages close to Tianjin Port were not affected by the incident and the ships and crews are safe.

There has however been some damage to land-based assets and some disruption of operations, although Cosco does not expect that to have any significant impact.
"Until now, apart from part of the ship schedule and cargo loading for and in Tianjin Port which have been affected to a certain extent, the company’s production and operation have been carried out as usual, Cosco said.

The explosions also damaged to some extent a few of the company's subsidairy office in Tianjin and some containers saw minor damage. Meanwhile a few employees were also slightly injured, the company reported.

"The company believes that the above incident will not have any material and adverse impact on the financial conditions of the company. The company will continue to monitor the progress of the incident management," Cosco concluded.