Cosco has launched a new shipping service named CUE to Panama's Pacific Port of Balboa, which cuts out the canal crossing, saying that it is cheaper and faster to rail cargo to the other side, Xinhua reports.
The CUE service calls at Shanghai, Ningbo, Hong Kong, Yantian, Lazaro Cardenas (Mexico) and Balboa (Panama) with a sailing time of 22 days. Seven ships have been deployed on the line.
Cosco cooperated with Panama Ports Company (PPC), the Panama-based subsidiary of the Hutchison Port Holdings, on using two ports it operates, Balboa and Cristobal, thus avoiding the queue through the canal and saving as much US$300,000 in tolls and other expenses.
PPC general manager Alejandro Kouruklis said Cosco is the first to start such form of cooperation with PPC, which will facilitate trade via Panama.
The CUE service calls at Shanghai, Ningbo, Hong Kong, Yantian, Lazaro Cardenas (Mexico) and Balboa (Panama) with a sailing time of 22 days. Seven ships have been deployed on the line.
Cosco cooperated with Panama Ports Company (PPC), the Panama-based subsidiary of the Hutchison Port Holdings, on using two ports it operates, Balboa and Cristobal, thus avoiding the queue through the canal and saving as much US$300,000 in tolls and other expenses.
PPC general manager Alejandro Kouruklis said Cosco is the first to start such form of cooperation with PPC, which will facilitate trade via Panama.