Cosco Shipping Energy Transportation, a unit of China Cosco Shipping Corporation, has signed an insurance framework agreement with Cosco Shipping Insurance, the captive insurer of the parent group.
Under the agreement, Cosco Shipping Insurance will provide vessel insurance and related services to Cosco Shipping Energy Transportation from July 01, 2017 to December 31, 2018, with the contract renewable within three months of its expiration.
China Cosco Shipping, which is one of the world’s largest shipping firms with a fleet of 1,114 merchant vessels and a total capacity of 85.32 million DWT as of 2016, ended its partnership with long-time insurer London P&I Club and established a Shanghai-based captive insurance unit in February. Cosco Shipping Insurance is one of the first captive insurers in China.
Cosco Shipping Energy Transportation and its subsidiaries mainly engage in oil shipment along the eastern China coast, as well as vessel chartering and international transportation of imported liquefied natural gas.
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