China Cosco Shipping Group (Coscocs) has signed a strategic cooperation agreement with state-run automaker FAW in Shanghai yesterday.
Under the agreement, the Coscocs will become the strategic partner of FAW for automobile shipping and auto parts shipping. In the meantime, the two parties will also jointly develop warehousing facilities.
The two companies said the partnership will enhance logistics efficiency, lower logistics cost and promote the business tranformation of both companies.
Cosco Shipping Specialized Carriers, formerly Cosco Shipping, currently operates four pure car carriers. In September, it acquired two elderly car carriers from Norwegian Car Carriers to further add to its fleet. It also has a car shipping joint venture NYKCOS with Japan’s Nippon Yusen Kaisha (NYK).