Shanghai: China Shipping Group and China Merchants Group have inked a strategic cooperation agreement for the two companies to work together on terminal development, finance, and shipping services.
In order to deal with the shipping downturn and promote the development of the shipping industry, the central government has been encouraging the cooperation and industry chain extension between major domestic players.
In August, China Merchants established a tanker jv China VLCC, with another shipping conglomerate in China, Sinotrans & CSC to secure the nation’s oil shipping chain under the call of the central government. China Shipping, Cosco and Sinotrans & CSC also set up the C3 alliance earlier this year to jointly operate on container shipping services between China and Japan. [13/11/14]