COSCO Forms Ship Innovation Alliance In The Presence Of 80 Companies

In a major development, COSCO has announced that they have formed the China Electric Ship Innovation Alliance. The foundation event on February 8 saw the who’s who of the shipping world attending, like the Shanghai Maritime Safety Administration, China Classification Society, and National Development and Reform Commission of China, among others.

80 companies attended the conference, which followed the partnership deal of the alliance between COSCO Shipping Development and COSCO Shipping Corporation Limited. The alliance has also signed a Green Water Carbon Project agreement. 

COSCO Ship Innovation Alliance
Image for representation purposes only

Meanwhile, companies like COSCO Shipping Development, China Merchants Capital, China Cheng Tong and China Energy Engineering are collaborating. They signed a cooperative deal for that purpose. This comes at a time when COSCO purchased an $814 million stake (5.8%) in COFCO Fortune.

Other companies who attended the event include the Yangtze River Maritime Safety Administration, the Center for International Economic and Technological Cooperation, the Water Transport Bureau of the Ministry of Transport, the Ministry of Industry and Information Technology, the Shanghai Municipal Transportation Commission, and the United Nations Industrial Development Organization. 

References: Offshore Energy Biz, Port Technology

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