Cosco Shipping Specialized Carriers is planning to spin off much of its multipurpose (MPP) fleet, as it puts greater emphasis on its new generation of specialised ultramax wood pulp carriers.
It is also planning a spin-off of its handysize logger fleet, a source informed on the plans told TradeWinds.
The Guangzhou-based company, which is part of China Cosco Shipping, has a large diversified fleet including car carriers, asphalt tankers, semi-submersible heavylift ships, log-carrying handysize bulkers and MPP vessels in a full range of sizes.
All but the asphalt carriers and car carriers are part of the Cosco Heavy Transport division. That includes eight new-model, 62,000-dwt MPP pulp carriers and eight more on order, which are planned to serve a developing triangular trade between Brazil, northern Europe and China with very little ballasting.
Until now, the company's core has been the standard-size MPPs, especially those equipped for unloading heavy industrial cargoes.
The China-based source, who was not willing to be identified, told TradeWinds that the company plans to transfer much of that heavylift MPP fleet to Chinese and Polish-controlled breakbulk and project shipping specialist Chipolbrok.
That would allow Cosco Shipping Specialized Carriers to concentrate on the pulp carriers, Arctic shipping and increasingly inland logistics for customers both in China and abroad.
An executive for the company could not be reached for comment.
But a Europe-based official of Shanghai and Gdynia-based Chipolbrok confirmed that talks are underway, without revealing any specifics.
“There are discussions now in Shanghai but the matter is maturing so we shall not give any comments to it before all is official,” Chipolbrok spokesman Olaf Proes said.
In June, TradeWinds reported on Chipolbrok's need to renew and enlarge its fleet, which currently numbers 23 ships of up to 37,000 dwt, plus four 62,000-dwt bulkers under construction at Chengxi Shipyard.
The company at that time suggested that either newbuildings or secondhand acquisitions might serve the purpose.
“Allow us to surprise our competitors,” Proes told TradeWinds in June.
It remains unclear what form the transfer of the heavylift MPPs to Chipolbrok would take. However, not all would be hived off. One set of heavylift MPPs is likely to be retained to serve the South East Asia trades.
Meanwhile, the loggers are said to be destined for another branch of the Cosco group, possibly Cosco Shipping (Xiamen).
Recent documents from Cosco Shipping Specialized Carriers list a fleet of 13 loggers of between 27,000 dwt and 32,000 dwt built between 1990 and 2010.
Handysize shipping sources in China were surprised at the report that the company would part with them and the operation they support, which is dominant in the Africa-to-China log trades.
China Shipping Specialized Carriers was formerly known as Cosco Ltd (Coscol) and as Cosco Guangzhou. Both obsolete names are still in use even though the larger Cosco Shipping Bulk is now also based in Guangzhou.
The company has its roots in old-fashioned general cargo freighters, reflected in the large breakbulk component of the fleet. It gradually collected other types of specialised tonnage as the larger Cosco divisions concentrated exclusively on bulkers, tankers or containerships.
