This Day, That Year

China Daily (Latin America Weekly) - - Page Two -

Item from July 3, 1989, in China Daily: A Chi­nese cargo ship left Shang­hai’s port for South Amer­ica on June 28. This is the first time that China has opened a reg­u­lar ocean ship­ping route to the re­gion.

Chi­nese ship­ping com­pa­nies have been expanding over­seas net­works amid ris­ing de­mand, driven by the coun­try’s fast eco­nomic growth in the past few decades.

In ad­di­tion to the tra­di­tional ship­ping lines be­tween Asia and Africa, and China and South­east Asia, ma­jor lines be­tween Asia and Europe, and Asia and North and South Amer­ica have also opened.

In April, China COSCO Ship­ping Corp, the coun­try’s largest ship­ping group, opened a new con­tainer ser­vice con­nect­ing ports in Northern Europe and in the Mediter­ranean Sea.

It is part of grow­ing in­traEurope trade, which saw an an­nual in­crease of 70 per­cent in the past two years.

COSCO is also expanding its con­tainer fleet — it plans to add 14 ves­sels at a cost of $1.78 bil­lion in the next two years.

The new ships will take the group’s op­er­a­tional ca­pac­ity to more than 2 million TEUs, or twenty-foot equiv­a­lent units, by the end of 2018. The group owns more than 46 con­tainer ter­mi­nals across the world, with close to 200 berthing spa­ces.

Last month, COSCO snapped up a 51 per­cent stake in Noa­tum Port, a Span­ish con­tainer ter­mi­nal op­er­a­tor, for $228 million.

The deal ex­tended its ports and ter­mi­nals net­work to the Mediter­ranean re­gion.

The Span­ish com­pany op­er­ates con­tainer ter­mi­nals in the Port of Va­len­cia and the Port of Bil­bao in Spain, a key link in the chain.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.