Chinese shipping conglomerate China Cosco Shipping Corporation is looking to acquire more port assets globally as part of its next round expansion plan following the group’s acquisition of Hong Kong competitor Orient Overseas Container Line in 2017.
Xu Lirong, chairman of China Cosco Shipping, revealed at a conference during the ongoing National People’s Congress that the group, as an active practitioner of China’s Belt and Road Initiative, is considering more equity investment and looking to acquire more port and terminal assets globally especially in Europe, Asia and the Middle East.
In September 2017, Cosco Shipping Ports, the port-operating unit of China Cosco, acquired a 76% majority shareholding in the APM Terminals Zeebrugge container terminal in Belgium. It also controls Greece’s Piraeus Port through an acquisition in 2016.
In February 2017, Cosco also set up a special fund dedicated to the acquisition of port terminal assets.