Cosco Holdings, one of China's largest shipping groups, plans to buy a 20 to 25 per cent stake in Lianyungang New Oriental International Terminals, and to jointly develop container terminals in the area with the Lianyungang Port Group, Xinhua reports. The company's carrier unit, Cosco Container Lines, the world's seventh largest box carrier, also intends to add more services to the eastern Chinese port. The moves come after the recent signing of an agreement between the shipping giant and the government of Lianyungang, said Xinhua.
According to the president of Cosco Captain Wei Jiafu, the carrier will increase the frequency of its Lianyungang-Taiwan service from once to twice weekly, and bolster services from the port to the US west coast and southeast Asia, and launch a new service to Korea.
According to the president of Cosco Captain Wei Jiafu, the carrier will increase the frequency of its Lianyungang-Taiwan service from once to twice weekly, and bolster services from the port to the US west coast and southeast Asia, and launch a new service to Korea.