COSCO Shipping strikes more deals to streamline supply chain

COSCO signs new supply chain deals

COSCO Shipping has signed agreements with Chinese companies Shougang Group and the China National Salt Industry Group (China Salt) to deepen cooperation in shipping, logistics and supply chain services.

The carrier said the deals were struck in December 2020 and in each it will work to “establish a comprehensive strategic partnership based on the principles of equality, mutual benefit and shared development”.

Shougang Group is a Chinese-state owned steel company based in Beijing and COSCO Shipping said it will carry out cooperation in shipping, logistics, finance, procurement, and overseas joint programmes and promote win-win cooperation both at home and abroad.

China Salt is the largest and only state-owned enterprise in the Chinese salt industry, with an annual output of 18 million tonnes.

COSCO Shipping said its agreement with China Salt will deepen and expand cooperation in shipping, logistics, and supply chain services through complementary advantages and shared resources, to promote the high-quality development of both parties.   

The agreements are the latest COSCO Shipping has made as it looks to improve supply chain efficiencies and multi-stakeholder collaboration.

Earlier in December 2020, the carrier partnered with Bank of China and several other stakeholders, such as the Shanghai Huishong Automotive Manufacturing Corportation and the Saudi Basic Industries Corporation, to launch an electronic Bill of Lading platform called Cross-Chain.

Furthermore, in September 2020 the carrier struck a deal with DNV GL to build an intelligent shore-based ship data management centre to help its digital transformation and goal to build smart ships, as well as promote the use of exponential technologies in the maritime industry.

Supply chain collaboration has become particularly important for China as it continues to recovery from the trade war with the US and the effects of the COVID-19 pandemic and accelerate its Belt and Road Initiative infrastructure project.

The country did see traffic slump at the beginning of the pandemic in early 2020 but most of its major container ports enjoyed a strong end to the year. .

COSCO Shipping Ports, COSCO Group’s terminal operator division, saw its TEU volume increase by 5.9% year-on-year in Q3 of 2020. 

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