New Chinese alliance
State giants China Shipping Group (CSG) and China Merchants Group have signed a new cooperation deal to boost their competitiveness.
The deal is done
CSG said the strategic framework agreement will see them explore combined opportunities in shipping, port development and finance.
It added the companies already had “a good working relationship and deep friendship.”
Executives from both sides have already held “cordial and friendly, fruitful talks.”
The deal is another sign of growing cooperation between state-owned Chinese shipping companies after the government encouraged further alliances to combat the downturn.
China Merchants joint venture CMES is already teaming up with CSC & Sinotrans to operate a new VLCC company called China VLCC.
source:www.tradewindsnews.com
