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Announcement on Establishment of China Cosco Bulk Shipping (Group) Co., Ltd.
Updated Time: 2011-12-22Page Views:

21 November 2011

We are pleased to announce the establishment of China Cosco Bulk Shipping (Group) Co., Ltd. (Cosco Bulk Group). The company is established for the consolidation of dry bulk chartering business of Cosco Bulk Carrier Co., Ltd. (Cosco Bulk), Qingdao Ocean Shipping Co., Ltd. (Cosco Qingdao) and Cosco (H.K.) Shipping Co., Ltd. (CHS).

Together with one of its affiliated companies, Refined Success Ltd., Cosco Bulk Group, as the parent company of Cosco Bulk, Cosco Qingdao and CHS, will centralize all chartering business of Cosco Bulk, Cosco Qingdao and CHS.

The new Group will operate with two platforms: one in Beijing for the chartering business of all self-owned tonnages and one in Hong Kong, under the name of Refined Success Ltd, for all charter-in tonnages. With this structure, the group aims to realise centralised decision making and centralised market operations.

Cosco Bulk, Cosco Qingdao and CHS, whilst maintaining their independence as ship owning and/or ship management companies, will cease their activities in respect of chartering business in due course. Refined Success Ltd. shall assume all contractual rights and obligations under the existing charterparties concluded by the said companies in respect of chartered vessels.

The Company and its affiliated companies appreciate and value the strong relationship with their business partners and counterparties. The Company aims to provide a seamless chartering service in respect of dry bulk chartering business and to utilise the considerable resources of its trading group to the benefit of its clients.

Yours sincerely,

Telephone: +86-10-56501111

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