Cosco warns against oversupply

China Ocean Shipping (Group) Company (Cosco) director Yang Shicheng has cautioned ship owners to be “reasonable” in making newbuilding investments. “We do not want oversupply regenerated,” he warned delegates at the BIMCO general meeting in Hong Kong yesterday. Hong Kong chief executive Donald Tsang, who opened the meeting, said the government “fully supports” the city’s position as an international maritime centre. He acknowledged competition from across the border in Shenzhen, but noted that Shanghai and Singapore are also competing hard for the IMC status. “By constantly improving quality of service and upgrading skills and knowledge of our maritime professionals, we are rising to the challenge,” Tsang said. Immediate past president CC Tung in his final speech as a BIMCO official drew attention to the “Asian Focus” theme. “More than one third of BIMCO tonnage operates out of this region,” he pointed out adding that Asia also contributes the lion’s share of global shipbuilding and crewing needs. “China and India form the backbone of the shipping industry,” he said.