It is reported that China COSCO Holdings parent company, China COSCO Group signed an agreement recently with the Shandong provincial government to cooperate on shipping, shipbuilding, energy, mining and infrastructure construction.

China COSCO Group appointed its board of directors last month. Mr Wei Jiafu is chairman of the board, Mr Ma Zehua the vice president of China Shipping Group will be the director and general manager of China COSCO Group.

The Tianjin-based firm says it has reached an agreement with its partner to solve its ship leasing problem which resulted in 18 of its dry-bulk container vessels being detained.

(Sourced from yicai.com)