China shipping news
Here are some recent news and updates on the shipping industry in China:
1. China's Shipping Industry Sees Slowdown in 2022
According to a report by the China Association of the Shipping Industry, China's shipping industry saw a slowdown in 2022, with the total cargo volume decreasing by 1.3% year-on-year to 14.35 billion tons. The decline was attributed to the ongoing COVID-19 pandemic and the impact of the Russia-Ukraine conflict on global trade.
2. China's COSCO Shipping to Acquire 51% Stake in Greek Shipping Company
COSCO Shipping, one of China's largest shipping companies, has agreed to acquire a 51% stake in Greece's Piraeus Container Terminal (PCT) for €350 million. The deal is expected to strengthen COSCO's presence in the Mediterranean region and enhance its container shipping capabilities.
3. China's New Shipping Regulations to Boost Industry Efficiency
The Chinese government has introduced new regulations aimed at boosting the efficiency of the country's shipping industry. The regulations, which came into effect on January 1, 2023, require shipping companies to implement digitalization and automation measures to improve their operations and reduce costs.
4. China's Shipping Industry Seeks to Reduce Carbon Emissions
China's shipping industry is seeking to reduce its carbon emissions in response to growing concerns about climate change. The China Association of the Shipping Industry has set a target to reduce the industry's carbon emissions by 30% by 2030 compared to 2020 levels.
5. China's Port Congestion Worsens Amid Pandemic
The pandemic has worsened congestion at China's major ports, with ships waiting for days or even weeks to unload cargo. The congestion has been exacerbated by a shortage of container storage space and a surge in demand for imports.
6. China's Shipping Companies to Invest in Digitalization
China's shipping companies are investing heavily in digitalization to improve their operations and stay competitive in the market. COSCO Shipping, for example, has launched a digitalization program aimed at increasing its efficiency and reducing costs.
7. China's Shipping Industry Seeks to Diversify Its Revenue Streams
China's shipping industry is seeking to diversify its revenue streams beyond traditional shipping services. The industry is exploring new areas such as logistics, e-commerce, and renewable energy to reduce its dependence on traditional shipping revenue.
8. China's Shipping Companies to Invest in Green Shipping
China's shipping companies are investing in green shipping technologies to reduce their environmental impact. COSCO Shipping, for example, has launched a green shipping program aimed at reducing its carbon emissions and improving its environmental performance.
9. China's Shipping Industry Seeks to Improve Safety Standards
China's shipping industry is seeking to improve its safety standards in response to a series of accidents and incidents in recent years. The industry is implementing new safety measures and regulations to reduce the risk of accidents and improve the safety of its operations.
10. China's Shipping Companies to Invest in International Expansion
China's shipping companies are investing in international expansion to increase their global presence and competitiveness. COSCO Shipping, for example, has launched a global expansion program aimed at increasing its presence in key markets such as Europe, North America, and Southeast Asia.