Cosco Shipping Bulk

Cosco Shipping Bulk controlled 2014 built panamax bulk carrier 81K DWT MV Cofco 1 refloated by tugboats in the Parana River. No damage or pollution have been reported by Cosco Shipping Bulk. Cosco Shipping Bulk controlled MV Cofco 1 was loaded with 41K tones of soybean meal from an upriver port. Parana River is an essential transportation route for agricultural products. Due to the low rain season, low water levels of the Parana River have hindered grain transport on South America’s second-longest river. 28-May-2020

 

On 28 March 2020, Cosco Shipping Bulk confirmed that 2015 built ultramax bulk carrier 63K DWT MV Feng De Hai’s second officer had died of coronavirus. MV Feng De Hai sailed from Guinea to Dneprobugsky in Ukraine. Second officer Mr. Wang did not leave the ship, had no contact with persons with fever, and had no symptoms of Covid-19. Mr. Wang’s body was removed from MV Feng De Hai this weekend while transiting the Bosphorus. According to Cosco Shipping Bulk, other crew members were suffering no symptoms of coronavirus, and the rest of the crew was tested negative Covid-19. Cosco Shipping Bulk complies with health practices and regulations regarding Covid-19 and took all necessary precautions. MV Feng De Hai has strictly implemented relevant prevention and control measures. After the Bosphorus transit, the crew did not go on shore and body temperature was measured daily. All remaining 24 crew members have normal body temperature and no fever. At the Dneprobugsky port in Ukraine, remaining crew members were all tested and reported as negative Covid-19. All crew have passed inspection and quarantine of the Ukrainian authorities. 31-March-2020

 

Chinese shipping giant Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) has increased its fleet with one semi-submersible heavy-lift newbuilding at Guangzhou Shipyard International (GSI). This is the second newbuilding contract signed in 2019 by Cosco Shipping Specialized Carriers. China Guangzhou headquartered Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers has signed a newbuilding contract with state-owned Guangzhou Shipyard International (GSI). Cosco Shipping Specialized Carriers has ordered 50K DWT semi-submersible heavy-lift newbuilding to be delivered during the Q1 2021 for undisclosed price tag.

In March 2019, Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) exercised four option orders 62K DWT wood-pulp carriers at Cosco Shipping Heavy Industries’ Dalian yard for delivery in 2021.

In 2018, Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers ordered five 62K DWT wood-pulp carriers with four options. Five 62K DWT wood-pulp carriers will be delivered till February 2021. 62K DWT wood-pulp carriers has a price tag of $33 million for each. Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) also has two 2,200-ceu car carriers under construction at China Shipbuilding Industry Co (CSIC) controlled Wuchang Shipbuilding. Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) is a sister company of giant state-owned COSCO that controls MPP (multipurpose) ships heavy-lift vessels, car carriers, bitumen carriers and log carriers. It reportedly has a trading fleet of 112 vessels. 28-June-2019

 

Chinese shipping giant Cosco Shipping Bulk has added 3 more newcastlemax new-buildings 210K DWT at CSIC Qingdao Beihai Shipbuilding Heavy Industry. Cosco Shipping Bulk will add a second tranche of bulk carriers to a major project. Final Cosco Shipping Bulk newcastlemax haul could extend to 30 bulk carriers to meet a bauxite contract with Chalco. Chalco is China’s largest producer of both alumina and aluminum. New York and Hong Kong-listed Chalco have entered into an agreement with the Guinea government to develop a bauxite project in Boffa, Guinea. At the beginning of April 2019, Cosco Shipping Bulk ordered up to 10 bulk carriers at Cosco HI Yangzhou. Tianjin Xingang Shipbuilding Heavy Industry is also set to win deals for 3 bulk carriers from Cosco Shipping Bulk. Sino-Japanese shipyard Dalian Cosco KHI Ship Engineering is expected to win 2 bulk carriers. 28-April-2019

 

Cosco Shipping Bulk ordered 10 newcastlemax dry bulk carriers 210K DWT at Cosco Shipping Heavy Industry Yangzhou Shipyard (Cosco HI Yangzhou). Cosco Shipping Bulk has confirmed 8 firm newcastlemax dry bulk carriers and 2 optional bulk carriers. Cosco Shipping Bulk is going to pay $54 million per newcastlemax dry bulk carrier and a total $432 million. Newcastlemax dry bulk carriers will be scrubber-fitted and the first delivery will be in H1 2021. Cosco Shipping Bulk is ordering the newcastlemax dry bulk carriers to carry bauxite from Guinea to China for state-controlled Aluminum Corp of China (Chalco) having secured a long-term COA (Contract-of-Affreightment). African country Guinea set for greater bauxite exports after mine approval of government. Chalco (Aluminum Corp of China) has been listed in Hong Kong and New York. Chalco is China’s largest producer of both alumina and aluminum. Beijing-based Chalco (Aluminum Corp of China) has entered into an agreement with the Guinea government to develop a bauxite project in Boffa. Chalco (Aluminum Corp of China) has granted mining licenses for 15 years, with options for another 15 years. West Africa Boffa, Guinea project holds around 1.75 billion tonnes of bauxite. 22-April-2019

 

Chinese dry bulk shipping giant Cosco Shipping Bulk has set up a representative office in Geneva, Switzerland on 26 November 2018. Geneva branch will be state-owned giant China Cosco Shipping’s first office in Switzerland. China Cosco Shipping’s Geneva office would establish close ties with grain traders at the heart of grain trading hub. During the branch office opening ceremony, Cosco Shipping Bulk Chairman Huang Xiaowen mentioned his plans on how to cooperate with the Swiss traders. Cosco Shipping Bulk, a non-listed unit of China Cosco Shipping, operates more than 400 bulk carriers with a total carrying capacity of over 37 million DWT. Most of the giant trading companies have operations office in Geneva, Switzerland. Cofco International, the trading arm of Chinese grains giant COFCO, is also headquartered in Geneva. In 2016, New York-listed Star Bulk Carriers established Star Logistics Management in Geneva, Switzerland to focus on grains charters for kamsarmax dry bulk carriers. In 2017, Cosco Shipping Bulk and Cofco International sealed a strategic cooperation agreement to work on more contracts of affreightments (COAs). 16-December-2018

 

COSCO Shipping Bulk’s dry bulk carrier MV CF Crystal and NITC’s suezmax tanker MT Sanchi collided 160 miles off Shanghai, China on 7 January 2018. 32 crew members are reported missing after the deadly collision. 2011 built dry bulk carrier 76K DWT MV CF Crystal which was carrying 64K tons of grain cargo from USA collided with 2008 built tanker 164K DWT MT Sanchi which was carrying 136K tons of light crude oil from Iran. There was an explosion on MT Sanchi and the Chinese government immediately sent 7 rescue and clean-up boats to the accident area. 136K tons of light crude oil is worth about $60 million and MT Sanchi chartered by Hanwha Total Petrochemical. MV CF Crystal is operated by COSCO Shipping Bulk CoscoCS subsidiary Shanghai CP International. MV CF Crystal damage is non-critical and all 21 crew members rescued from the dry bulk carrier. 7-January-2018

 

Chinese Cosco Shipping Bulk has chartered out commodity giant Bunge 2017 capesize dry bulk carrier 179K DWT M/V Xin Li Hai for $16,200 per day for 8 to 11 months. One-year period charter rates for capesize dry bulk carriers are now higher than spot rates of $11,800. 7-May-2017

 

Shanghai shipowner and operator China Cosco Shipping Bulk is preparing to launch a new financial leasing operation that will compete with a number of other leasing companies. China Cosco Shipping Bulk’s new leasing shop has currently only three employees and is targeting a $3 billion v in ship finance annually. China Cosco Shipping Bulk’s new leasing shop is said to be targeting third-party assets. This will make it different from sister leasing entity Cosco Shipping Development Co (CSDC) which is mostly financing of COSCO tonnage. 9-December-2016

 

BNP Paribas arrested of a Niton Capital-owned supramax bulk carrier 2004 Japanese built 52K M/V Niton Cobalt in Singapore last week. BNP Paribas filed a $1.6 million mortgage claim against M/V Niton Cobalt. In 2014, Niton Capital bought M/V Niton Cobalt as M/V Sea Lily from COSCO Shipping Bulk for $16 million. Ship Manager and Ship Operator of M/V Niton Cobal has been switched from SGM Maritime Services to Niton Cobalt Maritime. 22-November-2016

 

China’s biggest shipping merger COSCO Shipping Bulk and China Shipping Group which is the world’s largest shipping company China Cosco Shipping (CoscoCS) has notified hundreds of China’s maritime university students who had signed letters of intent (LOIs) a month ago that it will not be signing their contracts. Dalian Maritime University (DMU) and Shanghai Maritime University (SMU) has been informed that CoscoCS will not be taking cadets this year. CoscoCS was taking several hundred maritime students each year for training and service onboard their vessels. Sinocrew managing director Captain Wang Jixuan raised the question of cost-cutting and training at Bimco’s annual conference in Shanghai, where he did not mention the CoscoCS move but, in general terms, challenged a shipowner panel on whether they are endangering ships, lives and the environment by cutting their crewing and training expenditures. 15-November-2016

 

Release of the Panama Papers database which contains the leaked corporate registration database of Panamanian law firm Mossack Fonseca might effect a few shipping companies to name a few: COSCO group, COSCO Shipping Bulk, China Shipping Group, Fred Olsen & Co and Evergreen Marine, former COSCO chairman Wei Jiafu, Israeli billionaire Idan Ofer, shipowner Fred Cheng. In shipping setting up single-purpose companies in such tax havens are common so the appearance in the Panama Papers is not a sign of wrongdoing. But, for maritime lawyers, Panama Papers is a new tool for hunting and seizing assets in disputes. 16-May-2016