All articles tagged with #cosco
CK Hutchison plans to invite a major Chinese investor, likely Cosco, to join a consortium led by BlackRock in a $23bn deal to sell key ports including those in the Panama Canal, amid regulatory and geopolitical considerations.
Shares of Israeli shipping company Zim dropped over 17% after reports of their Chinese partner COSCO withdrawing from Israel, but the market is also unsettled by rumors of a containership line allegedly bribing Houthi officials to avoid targeting their vessels in the Red Sea. The alleged deal involves ensuring safe passage for certain carriers in exchange for avoiding Israeli goods and ports, but two major carriers have denied participating in any bribes. The US military and Federal Maritime Commission are being consulted for further insights, and US Central Command has referred inquiries to the ship owners.
The German government has approved a deal that will see Chinese shipping company COSCO take a minority stake in a container terminal at Hamburg port. COSCO's stake in the Tollerort terminal will be capped at 24.99%. The deal had been controversial due to concerns over security and Chinese influence. However, the Hamburg port logistics company HHLA says the deal will make Hamburg port a preferred destination for COSCO and help secure jobs. China has been Germany's biggest trade partner for seven years, with the value of trade between the countries rising to a record €298 billion ($320 billion) in 2022.