COSCO Shipping, the heavy lift and project cargo division of China's biggest shipping company, is planning to form a joint venture with Hong Kong-listed China Cosco Holdings in Tianjin, northern China.
Under the plan, Shanghai-listed, Guangzhou-headquartered Cosco Shipping will provide two vessels worth about $35m to take a 70% stake in the Tianjin-based venture.
China Cosco Holdings, which includes Cosco Container Lines and Cosco Pacific, will invest a further $15m for a 30% interest.
Insiders believed the move was intended to help Cosco Shipping develop a heavy lift business in the Tianjin area to take advantage of offshore exploration and development opportunities in the Bohai Sea.
Under the plan, Shanghai-listed, Guangzhou-headquartered Cosco Shipping will provide two vessels worth about $35m to take a 70% stake in the Tianjin-based venture.
China Cosco Holdings, which includes Cosco Container Lines and Cosco Pacific, will invest a further $15m for a 30% interest.
Insiders believed the move was intended to help Cosco Shipping develop a heavy lift business in the Tianjin area to take advantage of offshore exploration and development opportunities in the Bohai Sea.