COSCO Group to Build Two Ports on East Coast of U.S.

CHINA SinoCast -- COSCO Group, a diversified service company with one of the most recognized and admired brand name in the world focusing mainly on shipping and modern logistics businesses, plans to build another two ports in the eastern coast of the US and the coast of the Mediterranean Sea.

At the 24th World Ports Conference, many shipping companies pointed out that the speed of port construction in the US and Europe had been far behind Far East regions, which has resulted in global shipping traffic jam, and further has done a threat to global trade development.

Wei Jiafu, chairman of COSCO, said that the group was very active to establish partnership with many ports through its Hong Kong-listed branch COSCO Pacific Limited.

Previously, COSCO has set its eyes on Port of Hamburg, looking forward to participation in the investment of the local port.