20 C
Saturday, September 19, 2020
Home Port News Tianjin Port signs strategic co-operation agreement with COSCO

Tianjin Port signs strategic co-operation agreement with COSCO

The northeastern Chinese port of Tianjin is set to boost its volumes following an agreement with COSCO to create a regional port hub.

Under the terms of the agreement, COSCO Shipping Lines will help to boost Tianjin's container volumes by developing new routes, in order to realise Tianjin's goal of being the hub port of Northeast Asia.

Both sides pledged to deepen their cooperation in green and smart port construction, governance, overseas project investments and international talent development to enable Tianjin to fulfil its role in the Belt and Road initiative.

COSCO will also help to fulfil the role that the government has envisioned for Tianjin in the Beijing-Tianjin-Hebei Integration Plan, which will see northern Chinese cities and provinces using their comparative advantages and synergies to achieve regional growth.

One concern is that the Beijing-Tianjin-Hebei region, also known as the Three North Areas, is inadequately cosmopolitan and therefore not fully integrated into global supply chains. Physical infrastructure will be key in integrating the cluster, including for integrating supply chains and the labour market.

Tianjin, which was the ninth busiest port in 2019, with throughput of 17.3 million TEU, will be COSCO’s strategic hub port in Northeast Asia. Relying on the advantages of COSCO’s global transportation and sales network and Tianjin Port’s geographical location, the two parties will collaborate in logistics projects such as transhipments around the Bohai Sea, developing the port hinterland, and transportation along the Eurasian Land Bridge. The idea is to ensure sufficient logistical coverage of Three North’s hinterland, through improving sea-rail intermodal transportation.

COSCO and Tianjin Port said, “We will give full play to their advantages and jointly expand their overseas operations, particularly along the Belt and Road.”

Martina Li
Asia Correspondent

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

Woke lines playing the uneven field

Liner shipping companies have had a bumper year with profits in 2020 expected to exceed any year in the histroy of container shipping. All...

Box rates still on the way up after regulatory warnings

Both the Pacific and Asia to Europe rates have shown increases this week even after regulatory authorities in China, the US, Europe and South...

More Port of Felixstowe congestion riles freight forwarders

An increase in container volumes in the rush to beat China’s Golden Week holidays and technical issues with the Port of Felixstowe’s vehicle Booking...

German carrier raises Subcontinent rates and Ukrainian demurrage

Hapag-Lloyd has announced price increases for demurrage on exports from Ukrainian ports, which can be seen here, and a general rate increase (GRI) on...

Maritime industry critical of EU’s emissions stance

Industry associations and regulators have criticised the European Union following Wednesday’s (16 September) vote in the European Parliament to include shipping in the EU...