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Cosco Shipping powers Yangpu free trade port development

As part of the second anniversary for the construction of Hainan Pilot Free Trade Zone (Port) China Cosco Shipping inked several documents relating to the development shipping and related business in Yangpu, Hainan.

Cosco Shipping Specialized Carriers, the Management Committee of Yangpu Economic Development Zone, and financing parties signed the agreement on the registration of domestic financial leasing ships in Yangpu Economic Development Zone.

According to the agreement, Cosco Shipping Specialized Carriers will register a 62,000 dwt multipurpose carrier in Yangpu China making it the first shipping company to have a vessel registered in Yangpu China.

Cosco Shipping Energy and PanAsia Shipping, a unit of Cosco Shipping, will actively support the development of Yangpu to be a regional shipping hub and logistics center.

Cosco Shipping has actively supported Hainan in its reform and opening-up process in recent years. The group currently has 54 vessels registered in Hainan, totaling in 2.4m dwt. 

Yangp, recorded 50.15m tons throughput last year at the port and aims to be developed as a pioneer in free trade zone (port) development.

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