COSCO Shipping boosts procurement portfolio

COSCO Shipping

COSCO Shipping has signed a number of procurement agreements with several of its suppliers from Japan and Singapore during the 4th China International Import Expo (CIIE) at the National Exhibition and Convention Center (NECC) in Shanghai.

During the expo, which was held on 6 November 2021, China Marine Bunker Supply Company (CHIMBUSCO) signed bunker fuel oil procurement agreements, COSCO Shipping Trading signed a petroleum asphalt procurement agreement and Nantong COSCO KHI Ship Engineering Co. Ltd. (NACKS) signed ship equipment and ship plates procurement agreements with suppliers.

The agreements aim to further promote the long-term and stable development of the parties involved.

Mr Huang Xiaowen, Executive Vice President of COSCO Shipping, was in attendance at the signing ceremony, alongside heads of the Operating Management Division, Procurement Center and relevant enterprises under COSCO Shipping, as well as representatives of suppliers.

© COSCO Shipping

Furthermore, COSCO Shipping Logistics Shanghai, Jiangsu Provincial Foreign Trade Corporation (JSFC), and Jiangsu International Rail Freight Express Co., Ltd. (JSRF) have signed a tripartite cooperation agreement at the CIIE exhibition hall of the Piraeus Port Authority (PPA S.A.).

The agreement is based on the principle of “long-term mutual benefits and win-win results” and will see the three parties give full play to their respective advantages and resources to strengthen cooperation in the fields of domestic and international warehousing, transportation, and import and export logistics. Overall, this will enhance cooperation by “creating key development opportunities for each other as the preferred partners”.

This follows the news that COSCO Shipping has increased its stake in PPA S.A by 16% after an exchange event for the Letter of Closing II Arrangements was agreed on 25 October 2021.

The acquisition of the additional stake in the port authority raises COSCO’s stake to 67% and marks a milestone in China-Greece cooperation by allowing the Chinese company to facilitate the port’s further development by focusing on social justice, shared interest, mutual benefits and win-win results.

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