Cosco Shipping To Merge With Shanghai Tanker

PostTime:2020-06-04 15:48:23 View:269

 The board of directors (the “Board”) of COSCO SHIPPING Energy Transportation Co., Ltd. resolved to approve the proposed merger by absorption (the “Proposed Merger by Absorption”) by the Company of COSCO SHIPPING Tanker (Shanghai) Co., Ltd.* (“Shanghai Tanker”), a company established in the People’s Republic of China (the “PRC”) with limited liability and a direct wholly-owned subsidiary of the Company. Upon completion of the Proposed Merger by Absorption, Shanghai Tanker will cease to exist as a legal entity and the assets, liabilities, contracts and other rights and obligations of which shall be succeeded by the Company. No consideration shall be payable in respect of the Proposed Merger by Absorption. As Shanghai Tanker is a direct wholly-owned subsidiary of the Company and the results of which are consolidated into the financial statements of the Group, the Proposed Merger by Absorption will not result in any material impact on the operation and financial position of the Group. INFORMATION ON SHANGHAI TANKER Shanghai Tanker is a company established in the PRC with limited liability and a direct wholly- owned subsidiary of the Company. It is principally engaged in the transportation of crude oil and refined oil along the domestic coast and the middle to lower reaches of the Yangtze River, international shipping of dangerous goods and international vessel management. As at December 31, 2019, the total assets and net assets of Shanghai Tanker amounted to RMB17,179,555,200 and RMB7,433,449,700, respectively. For the year ended 31 December 2019, the revenue and net profits of Shanghai Tanker were RMB4,159,453,800 and RMB573,250,200, respectively. The assets of Shanghai Tanker primarily comprised 49 oil tankers with an aggregate capacity of 4.73 million dead weight tonnes. REASONS FOR AND BENEFITS OF THE PROPOSED MERGER BY ABSORPTION The Proposed Merger by Absorption is part of the implementation of the proposal for the integration of the core businesses of the Group and is conducive to optimizing the management structure and enhancing the operation and management efficiency of the Group. The Board considers that the Proposed Merger by Absorption and the transactions contemplated thereunder are fair and reasonable and the Proposed Merger by Absorption is in the interests of the Company and its shareholders (the “Shareholders”) as a whole. GENERAL Pursuant to the relevant requirements under relevant PRC laws and regulations and the articles of association of the Company, the Proposed Merger by Absorption is subject to the approval by the Shareholders at a general meeting of the Company. It is proposed that the Proposed Merger by Absorption will be submitted, by way of a special resolution, for the consideration and approval of the Shareholders at the forthcoming annual general meeting of the Company (the “AGM”) to be held at 2:00 p.m. on Monday, 22 June 2020 at 3rd Floor, Ocean Hotel, No. 1171 Dong Da Ming Road, Hongkou District, Shanghai, the PRC. A supplemental notice of the AGM in relation to, among other things, the Proposed Merger by Absorption will be despatched to the Shareholders in due course.

Cosco Shipping Energy Transportation to absorb Shanghai Tanker operations

PostTime:2020-06-03 08:26:27 View:214

Cosco Shipping Energy Transportation is to absorb its direct wholly-owned subsidiary Shanghai Tanker. The merger of Shanghai Tanker into Cosco Shipping Energy Transportation aims to optimize business structure and operations. Upon completion of the merger of Shanghai Tanker’s operation, it will cease to exist as a legal entity. The assets and contracts will be succeeded by Cosco Shipping Energy Transportation without any payable consideration. Related: Cosco Shipping Energy Transportation to set up LNG joint venture The absorption is part of the implementation of the proposal for the integration of the core businesses of the group and is conducive to optimising the management structure and enhancing the operation and management efficiency of the group, said Cosco Shipping Energy Transportation. Shanghai Tanker is principally engaged in the transportation of crude oil and refined oil along the domestic coastal area and the middle to lower reaches of the Yangtze river, international shipping of dangerous goods and ship management. Shanghai Tanker’s fleet comprises 49 oil tankers totaling in an aggregate capacity of 4.73m dwt.

Hamburg's HHLA takes delivery of 2 gantry cranes from Shanghai's ZPMC

PostTime:2020-05-12 08:31:15 View:349

TWO new container gantry cranes have arrived at the HHLA Container Terminal Burchardkai (CTB) in Hamburg, reports Fort Lauderdale's Maritime Executive. With a total of five new container gantry cranes - the first three were delivered at the beginning of November 2019 - HHLA provides an additional mega-ship berth for the Port of Hamburg at Burchardkai - berth 6 in the Waltershofer Hafen. The new container gantry cranes will provide HHLA with additional capacities for handling ultra large container vessels with a transport capacity of 24,000 TEU. The currently largest container gantry cranes at the Port of Hamburg can accommodate ships with a width of 24 containers side by side. The jibs of the new cranes are nearly 80 metres long and can reach across 26 rows of containers. The new gantry cranes manufactured by Shanghai's ZPMC will replace smaller units at CTB. Including the new arrivals, more than 30 container gantry cranes are in use at HHLA Container Terminal Burchardkai. 18 of these are mega-ship cranes.    

Chinese factory orders dry up as FDI scene brightens in Shanghai

PostTime:2020-03-25 09:15:39 View:273

CHINA's factories, after a two-month shutdown because of the coronavirus scare, have returned to work to find little work to do because foreign orders, have dried up, reported Caixin. On the bright side some of the world's top financial institutions, including BlackRock and JPMorgan, are increasing investments in China's financial hub Shanghai, undeterred by the coronavirus, said the Shanghai Municipal Office of Finance Service, reported Reuters. Also Singaporean bank DBS has applied to set up a majority-owned securities venture in the city, while Morgan Stanley plans to raise its stake in its Chinese brokerage venture to 51 from 49 per cent now. Shanghai also held an online opening ceremony for local branches of five global institutions including JPMorgan, Invesco and Russell Investment. China's Ministry of Commerce Monday warned that the foreign trade sector may face a decline in orders even though two-thirds of key manufacturers outside of Hubei, where the outbreak hit the hardest, have resumed more than 70 per cent of operations. Several exporters told Caixin that their business is worse than after the financial crisis of 2008. "The whole world feels paralyzed," said one. In Yiwu, the world's largest small-commodity wholesale market in eastern Zhejiang province, a jewelry exporter said five per cent of its orders have been cancelled since last week, and those that haven't done so are considering scaling back or delaying shipments. "Last week, an Italian client suddenly told us they don't need the goods anymore," the jewelry exporter said. "Some clients are asking for a two-month delay in shipment."  

Evergreen orders four new 23,000-TEU ships from Shanghai yards

PostTime:2019-12-03 08:22:06 View:529

TAIWAN's Evergreen has ordered four 23,000-TEU ships built two at SSC Hudong-Zhonghua Shipbuilding and another two at CSSC Jiangnan Shipyard, both Shanghai-based, reports Colchester's SeaTrade Maritime News. The four ships, the biggest in the Evergreen fleet and among the largest in the world, are designed by Hudong-Zhonghua and incorporate environment friendly, efficiency and energy saving systems. Another six Evergreen 23,000-TEUers will be built by South Korea's Samsung Heavy Industries.  

Shanghai best-connected container port in the world and Rotterdam at the top of the European league

PostTime:2019-09-18 14:08:14 View:665

Shanghai is the world’s best-connected container port, with Singapore in second place and Ningbo a distant 3rd place in the Port Liner Shipping Connectivity Index (Port LSCI) that has been developed jointly by MDS Transmodal and UNCTAD. The Port LSCI describes the relative container shipping connectivity of each port compared to Hong Kong in 2006 Q3, which was the best-connected port at the time but is now only 5th in the global league table with an index of 101. Shanghai, with an index of 132 in Q3 2019, has improved its connectivity in the last year, while Singapore’s has fallen slightly to 123 due to a decline in the number of services and the number of lines serving the port and despite an increase in the total deployed capacity and an increase in the vessel size. Rotterdam is at the top of the European and Mediterranean container shipping connectivity league, with its Port LSCI improving from 90 to 92 over the last twelve months. By contrast Antwerp lost the top spot after its index fell from 91 to 90. Some of the Mediterranean ports, such as Barcelona, Valencia, Tanger Med and Piraeus, saw their indices rise in the last year with the deployment of additional capacity on the Far East-Mediterranean trade lane. MDS Transmodal today announced the launch of its Port Liner Shipping Connectivity Index (Port LSCI) web application, a new online service from the UK-based maritime and freight transport consultancy which allows subscribers to understand the factors that affect a port’s rating on the index. “We’ve developed the methodology for the Port LCSI with UNCTAD, who published the overall results by port in August”, said Antonella Teodoro, Senior Consultant at MDS Transmodal. “But we wanted to also provide the data that underlies the results so that users of the service can understand why ports’ indices are changing”. Features and benefits of the Port LSCI include: Objective and transparent data to benchmark and explain changes in container port connectivity; FREE access to the Port LSCI for close to 1,000 container ports for Q3 2019 compared to the same quarter in the previous year; PREMIUM access available to the six data components underpinning the Port LSCI for each of the world’s 100 top container ports in Q3 2019 compared to the same quarter the previous year; Global coverage, with the six data components of the Port LSCI for the additional container ports available as a bespoke request; Provides the same data used to calculate the Port LSCI launched by UNCTAD in August 2019. MDS Transmodal is a firm of transport economists which specialises in maritime and freight transport. The company works with senior management in the private and public sectors to provide strategic advice based on quantitative analysis, modelling and sectoral expertise.   The Port LSCI is calculated based on six components: the number of scheduled ship calls per week; the total scheduled container shipping capacity calling; the number of regular liner shipping services calling at the port; the number of liner shipping companies that provide services to and from the port; the average size of the ships deployed by the scheduled service with the largest average vessel size and; the number of other ports that are connected to the port through direct liner shipping services.

Shanghai Shipping Exchange, CargoSmart create a new shipping index

PostTime:2019-09-10 08:08:55 View:712

SHANGHAI Shipping Exchange, a shipping index organisation, and CargoSmart Ltd, a global shipment management software solutions provider, are joining forces to develop a new shipping index that aims to improve ocean carrier schedule reliability. According to the terms of their Memorandum of Cooperation, the partners will create a new methodology to calculate schedule reliability for key trade lanes, to help shippers optimise their supply chains and for the industry as a whole to improve service quality. The Shanghai Shipping Exchange has already been playing a significant role in providing up-to-date and accurate shipping information for the global shipping market, including publishing the China Containerised Freight Index (CCFI) and Shanghai Containerised Freight Index (SCFI). "The alliance with CargoSmart allows us to expand the insights we provide for the shipping industry," said Shanghai Shipping Exchange vice president Yao Weifu. "We look forward to collaborating with CargoSmart to deliver a new shipping index that increases transparency to ocean carrier performance." With two decades of experience in providing shipping management solutions and connections with 20 ocean carriers, CargoSmart monitors and analyses 16,000 vessels, 1,400 global container ports, 3,000 ocean carrier services representing 85 per cent of the market, and 10 million sailing schedules. By tapping into its comprehensive database and applying analytics, CargoSmart will enable effective and accurate measurement of ocean carriers' schedule reliability performance. "CargoSmart and Shanghai Shipping Exchange share a common desire to improve supply chain efficiency and productivity," said CargoSmart chief commercial officer Lionel Louie. "Our cooperation will extend our contributions to the shipping industry."

Shanghai Shipping Exchange and CargoSmart Join Forces to Establish a New Shipping Index

PostTime:2019-09-06 10:22:11 View:665

Shanghai Shipping Exchange, a leading shipping index organization, and CargoSmart Limited, a leading global shipment management software solutions provider, have signed a Memorandum of Cooperation to develop a new shipping index for ocean carrier schedule reliability. Working together, Shanghai Shipping Exchange and CargoSmart will create a new methodology to calculate schedule reliability for key trade lanes to help shippers optimize their supply chains and for the industry as a whole to improve service quality. As an open, fair and unbiased platform, Shanghai Shipping Exchange has been playing a significant role in providing up-to-date and accurate shipping information for the global shipping market, including publishing the China Containerized Freight Index (CCFI) and Shanghai Containerized Freight Index (SCFI). “The alliance with CargoSmart allows us to expand the insights we provide for the shipping industry,” said Yao Weifu, Vice President of Shanghai Shipping Exchange. “We look forward to collaborating with CargoSmart to deliver a new shipping index that increases transparency to ocean carrier performance.” With over 20 years of experience in providing shipping management solutions and connections with more than 20 ocean carriers, CargoSmart monitors and analyzes over 16,000 vessels, 1,400 global container ports, 3,000 ocean carrier services representing 85% of the market, and 10 million sailing schedules. By tapping into its comprehensive database and applying analytics, CargoSmart will enable effective and accurate measurement of ocean carriers’ schedule reliability performance. “CargoSmart and Shanghai Shipping Exchange share a common desire to improve supply chain efficiency and productivity,” said Lionel Louie, chief commercial officer of CargoSmart. “Our cooperation will extend our contributions to the shipping industry.” “At C.H. Robinson, we are committed to providing a customer-centric and efficient operation that takes customer needs, market conditions and regulations into account for our customers to optimize their supply chains,” said Kim Guan, Ocean Service Manager of logistics service provider, C.H. Robinson. “We are excited that the Shanghai Shipping Exchange will be offering a standardized schedule reliability index that we can benchmark to offer more insightful carrier and route recommendations for our customers.” Shanghai Shipping Exchange and CargoSmart will establish the index scope and methodology through a joint working group to further develop new insights for the shipping industry.

Shanghai Shipping Exchange and CargoSmart to develop schedule reliability index

PostTime:2019-09-06 08:42:34 View:682

Shanghai Shipping Exchange and CargoSmart have signed a Memorandum of Cooperation to develop a new shipping index measuring ocean carrier schedule reliability. Under the agreement Shanghai Shipping Exchange and CargoSmart will create a new methodology to calculate schedule reliability for key trade lanes to help shippers optimize their supply chains and for the industry to improve service quality. “The alliance with CargoSmart allows us to expand the insights we provide for the shipping industry. We look forward to collaborating with CargoSmart to deliver a new shipping index that increases transparency to ocean carrier performance,” said Yao Weifu, vice president of Shanghai Shipping Exchange. Lionel Louie, chief commercial officer of CargoSmart said that CargoSmart and Shanghai Shipping Exchange shared a common desire to improve supply chain efficiency and productivity, the cooperation would their our contributions to the shipping industry. The two parties will form a joint working group to further develop new insights for the shipping industry. Shanghai Shipping Exchange, jointly founded by China’s Ministry of Transport and Shanghai Municipal People’s Government, is the first state-level shipping exchange in China. CargoSmart, a leading global shipment management software solutions provider, with over 20 years of experience in providing shipping management solutions, monitors and analyzes over 16,000 vessels, 1,400 global container ports, 3,000 ocean carrier services representing 85% of the market.

Shanghai rated world’s best-connected port

PostTime:2019-08-16 16:23:32 View:716

A Chinese port has topped the United Nations Conference on Trade and Development’s (UNCTAD) 2019 ranking of the world’s best-connected ports. The Port of Shanghai garnered a connectivity score of 134 points in UNCTAD’s port Liner Shipping Connectivity Index (port LSCI), followed by the ports of Singapore (124.63 points), Pusan (114.45 points) in Korea and Ningbo (114.35 points), also in China. The index is set at 100 for the best-connected port in 2006, which was Hong Kong, China. Besides the Asian ports, the other ports on the top 10 list are those of Antwerp (94 points) in Belgium and Rotterdam (93 points) in the Netherlands. None of the ports in the top 20 list are from Africa, Latin America, North America or Australasia. “A container port’s performance is a critical factor that can determine transport costs and, by extension, trade competitiveness,” said UNCTAD’s director of technology and logistics, Shamika N. Sirimanne. Efficient and well-connected container ports enabled by frequent and direct shipping services are key to minimizing trade costs and fostering sustainable development, Ms. Sirimanne said. UNCTAD’s port LSCI dataset enables businesses and governments to determine maritime transport trends and their ports’ positions compared to others. The port LSCI, which now provides data on more than 900 ports dating back to 2006, is generated using the same methodology as that for the recently released country-level LSCI produced by UNCTAD in collaboration with MDSTransmodal. The 2019 port LSCI shows that the expanded Panama Canal has led to shifts in patterns of services. The data also indicates that the LSCI of New York/New Jersey and Savannah on the east coast of North America grew by more than 20% since 2016, while the leading ports on the west coast saw their LSCI stagnate. The data further reveals that investments by shipping lines can attract additional services. Piraeus (Greece), operated by COSCO from China, for example, has become the best-connected port in the Mediterranean in 2019. In Africa, both geography and port reforms emerged as critical factors. The best-connected countries in Africa are those at its corners – Morocco, Egypt and South Africa. Western Africa has relatively low connectivity because it doesn’t lie at the crossroads of major north-south or east-west shipping routes. Mombasa (Kenya) and Dar es Salaam (Tanzania) connect Burundi, Rwanda and Uganda to overseas markets through dedicated corridors, but they remain highly congested. Low connectivity makes merchandize trade costly and uncompetitive. Many small island developing states (SIDS) face a vicious cycle where low trade volumes discourage investments in better maritime transport connectivity. The Pacific Islands are among those with the lowest shipping connectivity. For example, Port Vila (Vanuatu) receives about one container ship every three days, the data shows. In Kiribati, there is only one operator offering regular liner shipping services, with one ship arriving about every 10 days.

Shanghai box throughput increases 5.1pc in first half to 21.54 million TEU

PostTime:2019-07-16 18:25:35 View:740

CONTAINER volume through the Port of Shanghai has increased 5.1 per cent year on year in the first half of this year, according to Shanghai International Port Group (SIPG). Looking at the monthly figures, Shanghai port handled 3.76 million TEU in June, up 4.4 per cent year on year. But June's volume was unchanged from the same 3.76 million TEU posted in May.

Shanghai box throughput increases 5.1% in first half

PostTime:2019-07-15 10:02:17 View:697

Container throughput at China’s Shanghai port has risen by 5.1% in the first half of this year compared to the year-ago period, according to Shanghai International Port Group (SIPG). In the first six months, the world’s busiest container port recorded a total throughput of 21.54m teu, an increase of 5.1% compared to 20.5m teu in the same period of last year, data from SIPG showed. Looking at the monthly numbers, the Chinese port handled 3.76m teu in June, up 4.4% compared to 3.6m teu in June 2018. Last month’s volume, meanwhile, was unchanged from the same 3.76m teu recorded in May this year.