COSCO and China Shipping agree to cooperate

The COSCO group and China Shipping Group have signed a Strategic Cooperation Framework Agreement, designed to have the state-owned companies work closer amid a global economy slow to recover and intense shipping market competition.

The pair will work together on business development and investments, based on “long-term perspective, mutual benefit and win-win cooperation and common development.” As partners, priority will be given to each other.

The two sides will establish a comprehensive strategic partnership and a resource-sharing mechanism in areas of shipping, terminal operation, logistics, shipbuilding and ship repair, among others.