In January this year, COSCO SHIPPING Ports, a subsidiary of the Group, acquired a stake in Qingdao Port International after both sides signed a trade agreement and a strategic cooperation agreement.
Following the deal, COSCO SHIPPING Ports would be a major shareholder of Qingdao Port International, and COSCO SHIPPING would hold a 20% share of the latter in total.
According to this framework agreement, the two sides will, through establishing capital ties, promote their port-shipping cooperation as well as collaboration among key ports along the Belt and Road. They will further develop port business both at home and abroad, export capitals, services and management so as to boost their competitiveness in the global market. They will deepen cooperation in shipping business and support the building of Qingdao into an international shipping hub in Northeast Asia. In addition, they are committed to a closer partnership in terms of logistics, port-shipping finance, and shipping services.
The signing ceremony was attended by Capt. Xu Lirong, Chairman of the Board and Party Secretary and Wan Min, Director of the Board and President of COSCO SHIPPING, as well as Zheng Minghui, Chairman of Port of Qingdao, Jiao Guangjun, President of Qingdao Port International, and Zhang Jiangnan ,Vice President of Port of Qingdao. Officials of the Municipal Government, including Meng Fanli, Deputy Secretary of the CPC Qingdao Municipal Committee and Mayor of Qingdao, and Zhang Deping, Vice Mayor, also witnessed the ceremony and held talks with Capt. Xu before the event. Moreover, executive managers from the relevant divisions of the Group, COSCO SHIPPING Ports, COSCO SHIPPING Lines,Qingdao Ocean Shipping Mariners College and Qingdao Ocean Shipping were also present at the ceremony. After the ceremony, in the company of executives of Port of Qingdao, Capt. Xu and President Wan Min led a delegation to inspect the newly-built Qingdao Qianwan Automated Container Terminal at the Port of Qingdao.