COSCO International Holdings Limited is pleased to announce that the Company has further expanded its bunker oil supply business through its wholly-owned subsidiary, Sinfeng Marine Services Pte. Ltd("Sinfeng Marine"), incorporated in Singapore. The management of COSCO International endeavour to build Sinfeng Marine as one of the key revenue drivers to COSCO International's core business - shipping services in the future in order to further enhance the Company's capability to become a global leader in shipping services.
Mr. Liang Yanfeng, Managing Director of COSCO International, said, 'Sinfeng Marine is one of the strategic arms of COSCO International's expansion into the marine bunker supply services. With Sinfeng Marine's wide business network and extensive experience of the management team, we are confident that it will enlarge the income base of the Company and expand the scale and scope of core business, and therefore help the Company achieve a higher growth rate in the future. In addition, Sinfeng Marine will provide opportunities for COSCO International in getting more management experience for further expansion in this business area in the future."
Sinfeng Marine is mainly engaged in the provision of marine fuel and related services including marine bunker supplies, trading of oil and oil related products and broker services for the clients who are mainly not members of the COSCO Group. Its current businesses originally came from a subsidiary of COSCO Group which is going to cease operation. During the past years, the business transaction volume for the clients who are not members of the COSCO Group for the supply and trading of fuel oil were amounted to approximately 520,000 tonnes and 720,000 tonnes in 2007 and 2008 respectively, and 670,000 tonnes for the ten months ended 31st October 2009.
On 1st December 2009, COSCO Petroleum Pte. Ltd. ("COSCO Petroleum"), a wholly-owned subsidiary of COSCO (Hong Kong) Group Limited and a fuel oil supply and trading company providing services to the fleet of COSCO Group, and Sinfeng Marine entered into certain agreements in relation to the fuel oil trading transactions and financial services, through which Sinfeng Marine may sell or purchase oil products to or from COSCO Petroleum in order to take the benefit of better market prices obtained through bulk purchase order placed either by COSCO Petroleum or Sinfeng Marine. Meanwhile, COSCO Petroleum will help Sinfeng Marine carry out financial arrangements free of charge which facilitate Sinfeng Marine to hedge against the risk of fuel oil price fluctuation.
Mr. Liang Yanfeng, Managing Director of COSCO International, said, 'Sinfeng Marine is one of the strategic arms of COSCO International's expansion into the marine bunker supply services. With Sinfeng Marine's wide business network and extensive experience of the management team, we are confident that it will enlarge the income base of the Company and expand the scale and scope of core business, and therefore help the Company achieve a higher growth rate in the future. In addition, Sinfeng Marine will provide opportunities for COSCO International in getting more management experience for further expansion in this business area in the future."
Sinfeng Marine is mainly engaged in the provision of marine fuel and related services including marine bunker supplies, trading of oil and oil related products and broker services for the clients who are mainly not members of the COSCO Group. Its current businesses originally came from a subsidiary of COSCO Group which is going to cease operation. During the past years, the business transaction volume for the clients who are not members of the COSCO Group for the supply and trading of fuel oil were amounted to approximately 520,000 tonnes and 720,000 tonnes in 2007 and 2008 respectively, and 670,000 tonnes for the ten months ended 31st October 2009.
On 1st December 2009, COSCO Petroleum Pte. Ltd. ("COSCO Petroleum"), a wholly-owned subsidiary of COSCO (Hong Kong) Group Limited and a fuel oil supply and trading company providing services to the fleet of COSCO Group, and Sinfeng Marine entered into certain agreements in relation to the fuel oil trading transactions and financial services, through which Sinfeng Marine may sell or purchase oil products to or from COSCO Petroleum in order to take the benefit of better market prices obtained through bulk purchase order placed either by COSCO Petroleum or Sinfeng Marine. Meanwhile, COSCO Petroleum will help Sinfeng Marine carry out financial arrangements free of charge which facilitate Sinfeng Marine to hedge against the risk of fuel oil price fluctuation.