26.9 C
Hamburg
Monday, July 26, 2021
Home News COSCO and JinkoSolar ink cooperation deal

COSCO and JinkoSolar ink cooperation deal

China’s JinkoSolar, the world’s largest manufacturer of photovoltaic solar panels, has signed a framework agreement with COSCO Shipping Lines (COSCON) for maritime cargo transportation and multimodal transport services.

Amid the well-documented shortage of containers and runaway freight rates, the agreement ensures that the New York Stock Exchange-listed JinkoSolar will have access to transportation capacity at "fair rates".

JinkoSolar’s CEO, Chen Kangping said that establishing a stable and secure supply chain system is part of its global strategy, as the group faces challenges such as rising market demand for renewable energy and tight shipping capacity.

In 2020, JinkoSolar shipped 18.7 GW of solar modules, up 31% from 2019, although the company incurred higher logistics and transportation costs due to logistical bottlenecks resulting from the Covid-19 pandemic. The company is targeting shipments to grow to 25-30 GW this year.

JinkoSolar has shipped its energy storage products to the Middle East and Africa and will launch products specifically designed for the US and Japanese markets in the second half of 2021.

This is not the first time that JinkoSolar will cooperate with COSCON. In December 2019, the two companies signed an agreement to use the COSCO-controlled Greek port of Piraeus as a distribution hub for the shipment of JinkoSolar's renewable energy products in Europe, and particularly in Greece, the Balkans and the EMEA region.

COSCON has recently signed similar agreements with compatriot electronics makers Xiaomi and Midea Group, as well as the United Nations agency World Food Programme.

Martina Li
Asia Correspondent

Latest Posts

Acceleration in port capacity investment insufficient to support cargo demand growth

Surging container shipping cargo demand in the wake of the pandemic has resulted in a significant improvement in the global terminal capacity outlook, but...

DCT Gdańsk to boost container capacity by 1.5 million TEU

The tender committee of the Port of Gdańsk Authority has announced that the lease for a new port area has been awarded to DCT...

Hapag-Lloyd increases prices to Australia

Hapag Lloyd has announced new rates for Australian destinations that will take effect in the next months. Firstly, the German carrier will implement a peak...

IPCSA joins Private Sector Consultative Group of WCO

The International Port Community Systems Association (IPCSA), which specialises in global trade facilitation, is the new member of World Customs Organization’s influential Private Sector...

Chittagong port yards face severe box congestions in lockdown

The ongoing lockdown in Bangladesh has started taking a toll on the shipping sector, especially on port yards, creating severe congestion as importers are...