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COSCO cautious about purchase of carrier fleet
China Ocean Shipping (Group) Company (COSCO), the country’s largest State-owned shipping conglomerate, is unlikely to buy or operate a giant bulk-carrier fleet currently owned by the Brazilian miner Vale SA,…
Reports of 800b yuan railways fund ‘untrue’
China’s Ministry of Railways said Monday that reports about it hoping to get 800 billion yuan ($126.56 billion) from the government to fund its railway projects were untrue. The statement…
Ministry seeks extra rail funds
CHINA’S debt-laden Ministry of Railways has reportedly asked the central government for a further 800 billion yuan (US$126 million) in additional funds to ensure the building of the world’s largest…
Global shipping crisis to last ‘long time’
THE global shipping industry downturn will remain for a “relatively long time,” China’s transport minister said yesterday. “The unfavorable conditions the shipping industry is facing will last for a relatively…
Ministry to revive railway projects
China’s Ministry of Railways (MOR) said on Thursday that it will pay off some of its creditors before Nov 20 to ensure funding for railway projects that are currently under…
Rough seas for shippers expected to last for years
A lack of political consensus to achieve balanced global economic growth is making 2011 “the most painful” year for the already troubled shipping industry, said Wei Jiafu, chairman of China…
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