COSCO SHIPPING and Port of Qingdao Signed a Strategic Cooperation
Agreement


On May 19, 2017, COSCO SHIPPING and Port of Qingdao signed a
framework agreement on strategic cooperation in Qingdao. Meanwhile,
COSCO SHIPPING Ports and Qingdao Port International Co., Ltd. also
inked an equity delivery document.

In January this year, COSCO SHIPPING Ports, a subsidiary of the
Group, acquired a stake in Qingdao Port International after both
sides signed a trade agreement and a strategic cooperation agreement.
Following the deal, COSCO SHIPPING Ports would be a major shareholder
of Qingdao Port International, and COSCO SHIPPING would hold a 20%
share of the latter in total.

According to this framework agreement, the two sides will, through
establishing capital ties, promote their port-shipping cooperation as
well as collaboration among key ports along the Belt and Road. They
will further develop port business both at home and abroad, export
capitals, services and management so as to boost their
competitiveness in the global market. They will deepen cooperation in
shipping business and support the building of Qingdao into an
international shipping hub in Northeast Asia. In addition, they are
committed to a closer partnership in terms of logistics, port-
shipping finance, and shipping services.

The signing ceremony was attended by Capt. Xu Lirong, Chairman of the
Board and Party Secretary and Wan Min, Director of the Board and
President of COSCO SHIPPING, as well as Zheng Minghui, Chairman of
Port of Qingdao, Jiao Guangjun, President of Qingdao Port
International, and Zhang Jiangnan ,Vice President of Port of Qingdao.
Officials of the Municipal Government, including Meng Fanli, Deputy
Secretary of the CPC Qingdao Municipal Committee and Mayor of
Qingdao, and Zhang Deping, Vice Mayor, also witnessed the ceremony
and held talks with Capt. Xu before the event.

Moreover, executive managers from the relevant divisions of the
Group, COSCO SHIPPING Ports, COSCO SHIPPING Lines,Qingdao Ocean
Shipping Mariners College and Qingdao Ocean Shipping were also
present at the ceremony. After the ceremony, in the company of
executives of Port of Qingdao, Capt. Xu and President Wan Min led a
delegation to inspect the newly-built Qingdao Qianwan Automated
Container Terminal at the Port of Qingdao.