Full Steam Ahead.docx

Full Steam Ahead.docx

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FullSteamAhead

FullSteamAhead

　　Theglobalshippingindustryhaslimpedalongbatteredandbruisedsincethefalloutoftheglobalfinancialcrisis，aconditionexacerbatedbyweakeneddemandandsurplussupplyoftransportcapacity.However，recentactivitiesinChina’songoingBeltandRoadInitiativehaveservedtomitigatethedamage，offeringalife-linetoailingglobalshippingenterprises，someofwhicharerealigningtoseizeopportunitiesunlockedbythemove.

　　AnexampleofthismoveisChinaCOSCOShippingCorp.Ltd.，thelargestship-pingconglomeratebornfromthemergerofChinaOceanShipping（Group）Co.andChinaShipping（Group）Co.，whichhassetoutformulatingandimplementingitsportlayoutalongtheSilkRoadEconomicBeltandthe21stCenturyMaritimeSilkRoad.InSeptember2015，itsHongKong-basedbranchcompanyCOSCOPacificacquiredtheKumportTerminalinTurkey，whileinthefirsthalfofthisyear，itrenewedandupgradeditsportinvestmentprojectwiththePortofSingaporeAuthority，purchasedPiraeusPortAuthorityinGreeceandinvestedinEuromaxTerminalRotterdaminHolland.

　　“WhiletheBeltandRoadInitiativeprovidesnumerousopportunitiesforChineseenterprisestogoout，ChinaCOSCOShippinghopestoshareourabundantoverseasresourcesandprovidesupportingservicesforthemusingouroverseasshippingnetwork，”saidXuLirong，ChairmanofChinaCOSCOShippingCorp.Ltd.

　　Todate，ChinaCOSCOShippinghasinvestedinmorethan50portsalongtheBeltandRoad，mostbeingscatteredaroundtheMaritimeSilkRoad，with11locatedoverseas，accordingtoXu.

　　“Entering2016，ChinaCOSCOShippinghasfurtheroptimizeditsoverseaslayoutbyinvestinginportslocatedinHollandandSingaporeandacquiredanover60-percentstakeinthePiraeusPortAuthority，whichhasarousedextensiveattentionintheglobalshippingindustry，”saidXu.

　　AcquisitionsontheSilkRoad

　　LastSeptember，ajointventuresetupbyaChineseconsortiumboughta65-percentshareofTurkey’sthirdlargestcontainerterminal，Kumport，for$940million.TheacquisitionwascarriedoutbyafirmnamedSPV，jointlyestablishedbythesubsidiariesofCOSCOPacific，ChinaMerchantsHoldings（International）andChinaInvestmentCorp.（CIC）Capital.Morespecifically，ofthejointventure，COSCOPacificandChinaMerchantshold40percenteachandCICCapitalholds20percent.

　　TheacquisitionshowedtheadvantageofChineseenterprisesteaminguptogoglobalandisanexemplaryprojectforcountriesalongtheBeltandRoadtorealizemutualbenefitandachievewin-winresults，saidGuJingqi，ChineseConsulGeneraltoIstanbul.　　LocatedonthenorthwestcoastoftheMarmaraSeaontheEuropeansideofIstanbul，KumportisagatewaytotheBlackSeaandastrategicinterchangebetweenEuropeandAsia.Theporthassixberths，withacapacitytohandle1.84million20-footequivalentunits（TEUs）ofcargoandcanexpandto3.5millionTEUs.In2014，itregisteredacontainerthroughputof1.41millionTEUs，accountingfor17percentofTurkey’stotalcontainerthroughput.Financially，theterminalisinsoundshape，maintainingacompoundannualgrowthrateofaround30percentincontainervolumefrom2009to2014.

　　“Turkey，asthehinterlandofKumport，standsatastrategiclocationalongtheSilkRoadEconomicBeltandthe21stMaritimeSilkRoad.Inthefuture，theportwillseestrongdemandincontainerlogisticsservices，”saidLiJianhong，ChairmanoftheBoardofChinaMerchantsHoldings（International）.

　　Kumporthasgoodgrowthprospects，accordingtoCOSCOPacific.TheterminalwillgeneratesynergieswiththePiraeusContainerTerminalnearAthens，whichisalsoasubsidiaryofChinaCOSCOShipping.Meanwhile，sinceCOSCOPacificandChinaMerchantsHoldingshaveaccumulatedmuchexperienceinportinvestment，managementandoperation，andmaintainedgoodrelationswithshippingenterprises，thecooperationbetweenthetwopartieshasfavorablelong-termprospects.TheadvantageouspositionofKumportalongtheBeltandRoadalsomakesthepurchasealucrativeinvestment.

　　InAprilthisyear，ChinaCOSCOShippingandGreece’sHellenicRepublicAssetDevelopmentFundsignedanagreementforthesaleofamajoritystakeinthePiraeusPortAuthorityinAthens.PiraeusisthelargestportinGreeceandoneofthelargestintheMediterraneanSeabasin.Inthedeal，theChineseinvestorwillpay280.5millioneuros（$318million）totheGreekprivatizationfundfortheinitialacquisitionofa51-percentstake，whileitwillpayanother88millioneuros（$100million）withinfiveyearsfortheremaining16percent，providingthatitimplementstheagreedinvestmentsintheport.

　　Infact，since2009，ChinaCOSCOShipping’ssubsidiaryPiraeusContainerTerminalhasbeenoperatingPiersIIandIIIatthePiraeusPortundera35-yearconcessionagreement，postingremarkableresults.Accordingtostatisticspro-videdbyChinaCOSCOShipping，from2010to2015，containerthroughputatthePiraeusPortsoaredfrom880，000TEUsto3.36millionTEUs，boostingitsrankingworldwidefrom93rdtothe39th.　　GreecestandsontheimportantcommercialandmarinelaneoftheSuezCanal，facilitatingthepassageofgoodsfromAsiaandAfricatoEurope.LocatedeastoftheMediterraneanSea，thePiraeusPortstretchesinlandintotheBalkanregionanditsmaritimetransportationradiatesacrosstheentireMediterraneanSea，BlackSeaandNorthAfrica.Inaddition，it’sadeep-waterportwithyear-roundaccess.

　　“Inthepastyears，duetoproblemsconcerningGreece’seconomicstructureandwelfareregime，theportwasstrugglingwithhighlaborcostsandsawitsthroughputdwindling.Besidesthat，competitionfromotherportsalongtheMediterraneancoast，suchasthoseinSpainandFrance，hasposedagreatchallenge，”saidCuiHongjian，DirectoroftheDepartmentforEuropeanStudiesundertheChinaInstituteofInternationalStudies.

　　WhilewelcomingChinaCOSCOShippingChairmanXuathisoffice，GreekPrimeMinisterAlexisTsiprassaidtheagreementsigningwill“cuttheSilkRoadshorter”，andexpressedthehopethattheport’sprivatizationcanbringfurtherinvestments.

　　XubelievesChinaCOSCOShippingwillactivelyinvestintheinfrastructureconstructionofthePiraeusPort，optimizeandintegratethesixkeybusinesssegmentsincludingtankerberth，ferryterminalandcontainerwharf，improveitsoperationcapacityinanall-roundway，andbuilditintooneofthemostadvancedportsinEurope.

　　ThesigningoftheprojectwillalsostimulateChineseinvestmentinmaritimetourism，promotetheefficiencyofland-seatransportationbetweenAsiaandEurope，andadvancethecoordinateddevelopmentofsoutheastEurope，andcentralandnorthAfrica，saidXu.SomemultinationalshavealsocooperatedwiththePiraeusContainerTerminaltodistributetheirproductsintheregion，suchastechnologygiantHP，andChinesetelecomequipmentmakersHuaweiandZTE.

　　However，duetothefragileandweakrecoveryoftheglobaleconomy，tradebetweenChinaandEuropehasbeenonthedeclinesincelastyear.“Despitethecompletionoftheacquisition，tooperatethePiraeusPortwellandimproveitsshippingbusiness，ChinaCOSCOShippingfacesrisksandchallenges，”saidCui，whonotedthatthecompanyshouldmakeanefforttoexploittheport’sotherareasofindustrialpotential，besidesfreighttransport.

　　CuisuggestedthatChinaCOSCOShippingshouldnotonlyoperatePiraeusasacargoterminaloraportoftransfer，butalsofocusonthedevelopmentofsupportingindustries，infrastructureconstructionandeventhebuildingofmarinefleets.

　　Moreinvestments

　　InMarchthisyear，COSCOPacificandPortofSingaporeAuthority（PSA）signedanewinvestmentagreementinShanghaitoco-investinthreenewmegaberthsatthePhase3and4expansionprojectsofthePasirPanjangTerminal.

　　Locatedatapivotalinternationalartery，thePortofSingaporehasbeentheshippingcenterinSoutheastAsiaandinterchangepointofmarinetrafficamongAsia，Europe，AfricaandOceania.

　　TheinvestmentwillbeimplementedthroughajointventureCOSCO-PSATerminalandallowforthearrivalofmegacontainershipsatthenewcontainerberths，inpreparationfortradegrowthandgrowthinthesizeofcontainervessels.Thenewmegaberthsareexpectedtobecomeoperationalfrom2017.AsPSAhassuggested，theywillbefullyintegratedwiththecompany’sinfrastructureandsupportedbytheautomatedandintelligentporttechnologies.

　　Thejointventureterminalwasestablishedasearlyas2003，withCOSCOPacificholdinga49-percentstakeandPSA51percent.Thetwoberthsoperatedbythejointventureatthattimehaveanannualthroughputcapacityof1.3millionTEUs.

　　Asglobaltradedrivestherapiddevelopmentofthecontainertransportationindustry，thenewlyestablishedChinaCOSCOShippinghasseenitsfleetbeingsignificantlyexpandedandincreasinglyfelttheurgencytocreateaglobalshippingnetwork.Atthesametime，thelargetrendofmegatonvesselscallsfortheupgradingofpivotalports.ThatexplainswhyCOSCOPacificreneweditsinvestmentintheregion.

　　Theco-investmentagreementisstrategicallyimportanttobothpartnersandwillhelpthemuptheircompetitivegame，saidJosephineTeo，Singapore’sSeniorMinisterofStateforFinanceandTransport，whobelievestheprojectwillpositivelycontributetotheBeltandRoadInitiative.

　　Theinvestmentagreementmarksanimportantsteptostrengthenourcooperationwithinternationalportoperatorsandspeeduptheglobaloperationoftheportindustry，ChinaCOSCOShippingtoldBeijingReviewinane-mailinterview.

　　Ononehand，theclosepartnershipbetwee