ports

Cosco Subsidiary Strengthens Position at Hainan Free-Trade Port

Cosco Shipping has established a new subsidiary to deepen its commitment to China's Hainan free-trade port, reflecting the carrier's broader strategic expansion in the region. Hainan Cosco Shipping Container Shipping was incorporated with CNY300m ($44.4m) in capital to manage vessel leasing, ownership and operations. The move complements Cosco's existing investment at Yangpu Port, where the company has pledged to expand vessel leasing operations. Yangpu serves 59 domestic and international routes with annual container throughput reaching 3m teu. Last October, Cosco added the port to its Far East-South America West Coast service. This marked a significant upgrade from its previous focus on Chinese mainland and Southeast Asia connections. The routing allows direct shipments of Hainan-produced seafood to Peru and Chile. Hainan's designation as China's premier free-trade port offers reduced corporate taxes, zero or reduced tariffs on imported equipment, and liberal cross-border capital and shipping rules.