COSCO Shipping expands business in Latin America
September 30, 2014 Category Logistics, Ports & sea transport
COSCO Shipping’s business has expanded to eight Latin American countries this year as the continent’s economy is expanding. COSCO Shipping entered Latin America in the 1960s and has now deployed 20 vessels between China and Latin America, with six ships operated on the route each month. Thanks to China’s surging vehicle trade with Venezuela, Brazil, Uruguay and Argentina in recent years, the company’s China-Latin American route has seen rapid growth in maritime vehicle transportation. Its business rose 45% year-on-year in 2013. It also delivers vehicles from South Korea and Japan to Latin America. One of COSCO’s biggest shipping assignments this year was the contract to transport more than 1,000 rail products including locomotives, trams, and freight and passenger cars to Brazil and Argentina within two years. The carrier also sealed deals to transport wind turbines, wind power systems, mechanical and electrical products, as well as construction materials for building new power plants, cement and sugar refinery factories, and other projects throughout Latin America this year.
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