The two shipping groups will cooperate in the areas of shipping, terminal operation, logistics, shipbuilding, ship repair and other sectors, Cosco said in a statement on its website.
The partnership is also expected to help the companies refine their management structures and control operating costs.
“The agreement will help the two companies achieve advantage complementary and coordinated growth, and be better prepared for industrial changes, so as to improve the influence of Chinese shipping companies in the world shipping industry,” the statement said.
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