COSCO SHIPPING CORPORATION AND TIANJIN PORT GROUP SIGNED A STRATEGIC COOPERATION FRAMEWORK AGREEMENT
On June 12, 2020, COSCO SHIPPING Corporation (“COSCO SHIPPING”) (中遠海運集團) and Tianjin Port Group (天津港集團) (the Controlling Shareholder of Tianjin Port Development Holdings Limited, which holds 53.5% equity interest of the Company) jointly signed the "Comprehensive Cooperation Strategic Framework Agreement for Construction of World-Class Port and Shipping". The two parties will deepen and upgrade the cooperation on top of the current basis to build a new model of comprehensive cooperation and collaborative development of port and shipping in the new era, create a new model of cooperation between central and local enterprises and port and shipping companies and better serve the national strategies, such as Jing-Jin-Ji collaborative development, “Belt and Road” and construction of Xiong’an New Area.
The two parties will make use of their respective advantages to further in-depth cooperation on the development of routes and markets, expansion of networks at sea and on land, construction of green and intelligent port, enhancement of governance systems and governance capabilities, as well as nurturing international talents. Both parties will promote COSCO SHIPPING to be a world-leading integrated logistics supply chain service provider and Tianjin Port Group to be a world-class port and port operating group as well as providing strong momentum to the full-scale of Tianjin’s capabilities in serving the national strategies and high-quality opening up.
Leveraging on the advantages on global transportation and sales network of COSCO SHIPPING and the geographical advantages of the Port of Tianjin, the two parties will further cooperation on logistics projects such as Bohai Bay transshipment, inland dry port, and continental bridge transportation, establish long-term inland business cooperation, upgrade and expand the inland dry port market and realize the full coverage of the Three Northern (namely Northeast China, North China and Northwest China) hinterlands, construct an integrated supply chain system with the Port of Tianjin as the core and enhance the efficiency and quality of sea-rail intermodal transport and cross-border trade operations in the regions.
The two parties will utilise their respective advantages to jointly expand overseas business, especially in countries and regions along “Belt and Road” routes, promote in-depth port and shipping collaborative development by strengthening cooperation on ports and logistics projects and explore the development and implementation of new technologies such as blockchain, cloud computing, artificial intelligence, etc. on port and shipping operations, support cooperative companies on digital transformation and upgrading, as well as strengthen the integration of information technology with the port operations so as to building up a digital information exchange network with an aim to lower logistics costs for customers and enhance efficiency.