Coscocs opens Cosco Shipping Financial in Hong Kong

Coscocs has officially launched its new setup, Cosco Shipping Financial Holding Co in Hong Kong on Thursday.

The formation of Cosco Shipping Financial followed the completion of the merger between China Cosco Group and China Shipping Group in February this year to become Coscocs.

The Hong Kong establishment is expected to support the group in the areas of financial services such as vessel leasing, investments, finance management and insurance, among others.

Other provisions covered by the Liberian Registry initiative include the potential to extend vessel drydock periods, the option to harmonize ISM/ISPS audits with annual safety inspections, and free access to an electronic seafarer certification and documentation system.

The cost-savings measures also embrace specific provisions relating to vessels entering lay-up, and the facilitation of operational measures to ensure safe and secure removal of the vessel from service. These provisions are available to vessels currently in service, vessels currently under construction and vessels transferred from other flag administrations for the purpose of lay-up. In this regard, guidelines and procedures have also been developed by the Liberian Registry to address safe manning levels, lay-up procedures and inspection intervals.

Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, “We believe it is essential to support the shipping industry during these extremely difficult times. The initiatives we have announced supplement those cost-efficiency measures which are already available to Liberian-flag vessels.

“Other benefits enjoyed by Liberian-flag vessels include favourable treatment when calling at Chinese ports. This follows the recent historic Agreement on Maritime Transport between the People’s Republic of China (PRC) and the Republic of Liberia, under which Liberian flag vessels will be charged a preferential rate for tonnage dues when visiting any port in China. The preferential rate saving equates to a 28% discount for each vessel’s tonnage dues.

“With just a little innovative thinking, it is possible for ship registries to anticipate problems before they occur, in the process saving owners and operators both time and money. We believe these latest measures will help achieve those objectives.”

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