Cosco Shipping Bulk, the dry bulk arm of the Chinese shipping behemoth Cosco Shipping Lines, is making strategic moves by exploring its first newbuilding order in Japan in two decades. The company is actively seeking to contract a series of capesize bulk carriers, marking a significant shift in its procurement strategy, traditionally focused on domestic shipyards. Cosco Shipping Bulk has reached out to several Japanese shipyards, signaling a renewed interest in the Japanese maritime construction market. The company is enquiring about the availability of at least 10 shipbuilding slots specifically for 180K DWT capesize bulk carriers. This exploration has come as a surprise to the Japanese shipbuilding industry, which has grown accustomed to seeing Cosco favoring domestic options for its expansive fleet requirements. This strategic pivot towards Japanese shipyards could be indicative of Cosco Shipping Bulk’s broader objectives, possibly driven by technological advancements, competitive pricing, or specific capabilities offered by Japanese shipbuilders that align with Cosco’s operational needs and sustainability goals. This development is being closely watched by industry observers as it could herald a new era of Sino-Japanese cooperation in the maritime sector and influence future trends in global shipbuilding. 27-June-2024
Nantong Xiangyu Shipbuilding & Offshore Engineering has finalized an agreement to construct eight ultramax bulk carriers, each with a capacity of 64K DWT and prepared for methanol fuel, with Xiamen Jinxian and COSCO Shipping Bulk. The shipbuilder, Nantong Xiangyu Shipbuilding & Offshore Engineering, states that these methanol-ready ultramax bulk carriers will feature enhanced loading capacities and reduced fuel consumption compared to their counterparts both domestically and internationally, in addition to offering superior environmental benefits. The financial specifics of this agreement remain confidential. Presently, Nantong Xiangyu Shipbuilding & Offshore Engineering boasts over 100 ultramax bulk carrier orders, marking the highest number among all Chinese shipyards. 13-March-2024
The mining corporation Vale is supporting the second-ever order for dual-fuel Very Large Ore Carriers (VLOCs), with indications that the methanol-powered Guaibamax bulk carriers will be used for Vale’s shipments. Cosco Shipping Bulk has placed an order for two of these methanol dual-fuel VLOCs. These carriers, each with a capacity of 325,000 DWT and fueled by methanol, will be constructed by Cosco Shipping Heavy Industry Yangzhou. This makes Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Bulk the second entity to commission methanol dual-fuel VLOCs. The first company to do so was Shandong Shipping, which arranged for the construction of four new ships at Qingdao Beihai Shipbuilding Heavy Industry, backed by charter agreements with the Brazilian mining titan Vale. 3-January-2024
Electronic Bills of Lading (eBL) are now being utilized for energy transportation and bulk shipments, with Chinese shipping giant Cosco Shipping Bulk integrating with the blockchain platform Global Shipping Business Network (GSBN), headquartered in Hong Kong. Historically, bulk and energy shipments have predominantly depended on LOIs (Letters of Indemnity) to verify shipment ownership. These LOIs (Letters of Indemnity) authorized the release of cargo to the consignee when the Original Bill of Lading was not available. Chinese shipping giant Cosco Shipping Bulk has demonstrated that this outdated system can be modernized for today’s digital age. Recently, Cosco Shipping Bulk issued its inaugural Electronic Bills of Lading (eBL) for Yancoal, an Australian coal producer. This Electronic Bills of Lading (eBL) connected the entire business chain, encompassing banks, traders, miners, and end-users. Additionally, COSCO Energy released its first Electronic Bills of Lading (eBL) for a 30K mtons domestic marine oil shipment for the China National Offshore Oil Corporation this month. This Electronic Bills of Lading (eBL) received confirmation from both upstream and downstream entities and was returned to the COSCO Energy to finalize the release. This announcement marks a pivotal step for the consortium and the shipping industry’s digitization process. The successful creation of Electronic Bills of Ladings (eBLs) for bulk cargo and energy shipments will also pave the way for enhanced trade financing in the sector. Banks are keen on a unified platform to interact with all forms of Electronic Bills of Ladings (eBLs) and reliable shipping data. 27-September-2023
Cosco Shipping anticipates a significant decline of 74% in its earnings due to the downward trend in container rates. The prominent Chinese conglomerate, Cosco Shipping, acknowledges a shift in the balance between supply and demand within the shipping industry. Cosco Shipping Holdings foresees a substantial decrease in its interim earnings amid challenging market conditions. The publicly listed company, Cosco Shipping, based in Hong Kong and Shanghai, has stated that its net profit is projected to amount to CNY 19.66 billion. 6-July-2023
Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Specialised Carriers ordered twenty (20) wood-pulp carrier new buildings at three Chinese shipyards. Cosco Shipping Specialised Carriers will pay around $1 billion total for twenty (20) 85K DWT wood-pulp carrier new buildings. In Q1 2023, Cosco Shipping Specialised Carriers ordered twenty-four (24) PCTC (Pure Car Truck Carrier) new buildings at Chinese shipyards. Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Specialised Carriers will start taking delivery of twenty (20) wood-pulp carrier new buildings in H1 2026. 4-April-2023
Singapore-listed Cosco Shipping International reported revenue of $92 million for H1 2022. Singapore-listed Cosco Shipping International reported a net profit of $$4.4 million for H1 2022. Cosco Shipping International Singapore blamed the dumping of a 60% stake in the company’s dry bulk shipping subsidiary in December 2021. In December 2021, Chinese shipping giant Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. Currently, Singapore-listed Cosco Shipping International operates three (3) supramax bulk carriers. Cosco Shipping International Singapore sell-down witnesses profit dip. Singapore-listed Cosco Shipping International expresses that the existing core vessel repair and logistics businesses performed very well during H1 2022. Chinese shipping goliath Cosco Shipping Bulk is one of the largest dry bulk shipping players. Cosco Shipping Bulk controls a fleet of approximately 400 mixed bulk carriers. Singapore-listed Cosco Shipping International strives to become one of the foremost integrated logistics service providers in Southeast Asia. In December 2021, Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. 15-August-2022
Chinese shipping giant Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. Cosco Shipping Bulk spent around $42 million for a 60% stake of Cosco Shipping International. Currently, Singapore-listed Cosco Shipping International operates three (3) supramax bulk carriers. Singapore-listed Cosco Shipping International stated that the deal was part of a decision to expand priority on the company’s core business. The dry bulk shipping industry is complementary to the Cosco Group’s core logistics business Furthermore, Chinese shipping giant Cosco Group has ship repair and marine engineering services. Chinese shipping giant Cosco Shipping Bulk is one of the largest dry bulk shipping players. Cosco Shipping Bulk controls a fleet of approximately 400 mixed bulk carriers. Singapore-listed Cosco Shipping International strives to become one of the foremost integrated logistics service providers in Southeast Asia. 28-December-2021
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 defends tribunal claim arising from Britannia Bulk AS bankruptcy in 2008. Cosco Bulk Carrier was the issue of an appeal in the London High Court over a deal for MV Grand Fortune in 2007. The London tribunal had ruled that it had jurisdiction to decide on whether Cosco Shipping Bulk was owed money by the MV Grand Fortune’s sub-charterer Americas Bulk Transport (ABT), a party unattached to Britannia Bulk AS. Tribunal’s jurisdiction explored whether the MV Grand Fortune was time chartered by Cosco Shipping Bulk to Britannia Bulk AS or its subsidiary. Britannia Bulk AS was controlling approximately 75% and Bulkers controlling approximately 25%. Bulkers went into insolvent liquidation in November 2008. A disagreement arose between Bulkers and Cosco Shipping Bulk regarding charter fees owed to the Cosco Shipping Bulk. Cosco Shipping Bulk took an assignment of Bulkers’ rights, which is then utilized by declaring allegedly outstanding hire from Americas Bulk Transport (ABT). Cosco Shipping Bulk’s claims against Americas Bulk Transport (ABT) are obtained as assignee of the rights of Bulkers. The UK court arrived at the same decision as to the arbitrators: that the party which chartered the MV Grand Fortune to the claimants was Britannia Bulkers A/S. 12-February-2020
Chinese shipping giant Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International reported a net profit of $0.87 million in Q3 2019. Chinese shipping giant Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International has been hit by higher costs. Cosco Shipping International reported lower earnings in Q3 2019. Cosco Shipping International reported revenue of $31 million in Q3 2019. Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International stated its bulk carriers had logged lower charter rates and the finance costs increased due to an increase in interest. 12-November-2019
China’s National Council for Social Security Fund (SSF) has taken a 10% stake in shipping giant Cosco Shipping as part of China’s pension reform. Cosco Shipping Bulk is a subsidiary of Cosco Shipping. Cosco Shipping Energy Transportation, which is another subsidiary of Cosco Shipping, has reported that the state-owned Assets Supervision and Administration Commission has transferred the 10% stake to the Social Security Fund (SSF) for free. Previously, the state-owned Assets Supervision and Administration Commission owned 100% of Cosco Shipping. Currently, Cosco Shipping is China’s biggest shipping company. China has selected to transfer state capital into the Social Security Fund (SSF). The Chinese government has strived to move a substantial portion of the government’s stakes in state-owned corporations to the Social Security Fund (SSF) by the end of 2020. 1-November-2019
China has approved to more than double its annual buys of US farming by-products to as much as $50 billion. China expected that sanctions against shipping giant Cosco Shipping’s tanker subsidiaries might be lifted. However, this failed to materialize. After the US-China trade war, China is expected to commence purchasing enormous quantities of US agricultural products. In return, China is declared to have persuaded the US to hold off another round of tariff increases. The Chinese reply to the phase one trade agreement signed with the US on Friday was skeptical but welcoming. China is buying time for its companies such as Cosco Shipping to adapt to shifts in demand and the supply chain. 15-October-2019
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’s sister company Singapore-listed Cosco Shipping International reported revenue of $2.5 million in Q1 2019. Cosco Shipping International reported a net profit of $2.1 million in Q1 2019. Nevertheless, bulk carrier charter rates were lower in Q1 2019. Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International primarily concentrated on supramax bulk carriers. Currently, Cosco Shipping International owns and operates three (3) bulk carriers. 14-May-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