Cosco Shipping Ports has signed a MoU with CMA Terminals Holding in Shanghai to cooperate globally at all ports and prioritise those that are Ocean Alliance calls.
Both sides have also agreed to provide support in terms of business and service to ports that have been invested in by each shipping service.
Since the establishment of the Ocean Alliance, the cooperation between COSCO SHIPPING Ports and CMA Terminals Holding has seen both sides wish to create more opportunities in global port investment and operation.
The discussion of cooperation began in early 2016.
Zhang Wei, Vice Chairman and Managing Director of Cosco Shipping Ports and Farid Salem, Executive Officer of CMA CGM Group signed the MoU in the presence of Mr. Huang Xiaowen, Deputy General Manager of China Cosco Shipping Corporation Limited and Chairman of Cosco Shipping Ports, Fang Meng, Deputy Managing Director of Cosco Shipping Ports, Mr. Jean-Yves Duval, Senior Vice President, CMA CGM Asia and Mr. Baocai Wang, President of CMA CGM China.
This month (January 2017), saw Cosco Shipping Ports will acquire a 16.82% stake in Qingdao Port International and reveal that it had scrapped eight vessels during the fourth quarter of 2016.