COSCO

Digitalization Empowering Foreign Trade Shipping - Nanhua Logistics, a COSCO Shipping Group Subsidiary, Partners with Bravowhale Technology to Spearhead the Online Implementation of ESG Compliance Standards

Retrieved on: 
Tuesday, February 27, 2024

As the main artery for international freight transportation, maritime shipping shoulders nearly 90% of China's foreign trade transport volume.

Key Points: 
  • As the main artery for international freight transportation, maritime shipping shoulders nearly 90% of China's foreign trade transport volume.
  • Against this backdrop, aiming to assist foreign trade enterprises in tackling export ESG compliance challenges, Nanhua Logistics under COSCO Shipping partnered with Shanghai Bravowhale Information Technology Co., Ltd. (referred to as "Bravowhle Technology") on February 22nd.
  • By providing a streamlined pathway for ESG compliance processes, COSCO Shipping aims to offer standardized compliance services to Chinese foreign trade enterprises.
  • The collaboration with COSCO Shipping represents a significant step forward for Bravowhale Technology in expanding its online ESG compliance services.

Dorel Reports Fourth Quarter and 2023 Year-End Results

Retrieved on: 
Monday, March 11, 2024

Revenue for the fourth quarter was US$138.6 million, down US$12.7 million, or 8.4%, from US$151.3 million last year.

Key Points: 
  • Revenue for the fourth quarter was US$138.6 million, down US$12.7 million, or 8.4%, from US$151.3 million last year.
  • Fourth quarter operating loss was US$12.8 million compared to US$18.3 million last year.
  • It should be noted that the seasonality of our business means that our first quarter, while substantially better than the prior year comparison, will not match 2023’s strong fourth quarter performance,” commented Dorel President & CEO, Martin Schwartz.
  • Dorel Industries Inc. will hold a conference call to discuss these results on Tuesday, March 12, 2024 at 11:00 AM Eastern Time.

Dorel Enters into New US$88 Million Term-Loan Facility

Retrieved on: 
Friday, December 8, 2023

Dorel Industries Inc. (TSX: DII.B, DII.A) is a global organization, operating two distinct businesses in juvenile products and home products.

Key Points: 
  • Dorel Industries Inc. (TSX: DII.B, DII.A) is a global organization, operating two distinct businesses in juvenile products and home products.
  • Dorel Juvenile’s powerfully branded products include global brands Maxi-Cosi, Safety 1st and Tiny Love, complemented by regional brands such as BebeConfort, Cosco, Mother’s Choice and Infanti.
  • Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture.
  • Dorel has annual sales of US$1.6 billion and employs approximately 4,000 people in facilities located in twenty-two countries worldwide.

IQAX eBL Partners with COSCO Shipping Captive Insurance to Achieve the First Synchronized Transfer of an eBL and an Electronic Insurance Policy

Retrieved on: 
Tuesday, December 19, 2023

A four-party cooperative agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines and the Global Shipping Business Network (GSBN), ensures that a shipping insurance e-platform will work together with the GSBN blockchain platform and the IQAX eBL system.

Key Points: 
  • A four-party cooperative agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines and the Global Shipping Business Network (GSBN), ensures that a shipping insurance e-platform will work together with the GSBN blockchain platform and the IQAX eBL system.
  • A COSCO Shipping Lines (Wuhan) customer was the first to complete a synchronized transfer of both a blockchain-based eBL and an electronic insurance policy through a one-click title transfer on December 14.
  • The successful transfer makes IQAX eBL the first eBL system in the world enabled by a trusted blockchain-based ecosystem to synchronize the transfer of electronic insurance policies.
  • Shippers can view electronic insurance policies issued from the shipping insurance e-platform directly through IQAX eBL and transfer them alongside eBLs, seamlessly transferring and sharing insurance policies.

Dorel Reports Third Quarter 2023 Results

Retrieved on: 
Friday, November 3, 2023

Revenue for the third quarter was US$153.7 million, down US$33.7 million, or 18.0% compared to the third quarter a year ago.

Key Points: 
  • Revenue for the third quarter was US$153.7 million, down US$33.7 million, or 18.0% compared to the third quarter a year ago.
  • “While the results at Dorel Home are less positive, sales are improving across the year, and we are narrowing our losses.
  • Dorel Industries Inc. will hold a conference call to discuss these results on Friday, November 3, 2023 at 1:00 P.M. Eastern Time.
  • This recording will be available on Friday, November 3, 2023 as of 4:30 PM until 11:59 PM on Friday, November 10, 2023.

Green fuels in shipping face major challenges for 2050 net zero target

Retrieved on: 
Wednesday, September 27, 2023

The International Maritime Organization (IMO), the UN agency responsible for regulating shipping, recently set out plans for this industry to reach net zero emissions by 2050.

Key Points: 
  • The International Maritime Organization (IMO), the UN agency responsible for regulating shipping, recently set out plans for this industry to reach net zero emissions by 2050.
  • What the shipping industry needs is to swap oil for alternative green fuels.
  • The shipping industry faces great challenges in making this shift to fuels such as ammonia, hydrogen and methanol.

What makes shipping fuel green?

    • Green ammonia is formed by combining nitrogen from the air and green hydrogen through a process called Haber-Bosch.
    • When assessing how green a fuel really is, not only are the emissions created by burning it in the ship’s engine important, but also, the emissions from extracting, producing, transporting and storing it.
    • In fact, up to US$1.9 trillion (£1.5 trillion) must be invested to fully decarbonise shipping, with over half of that needed to make green hydrogen, which is also essential for producing green methanol and ammonia.

Ships with compatible engines needed…

    • The world’s fleet of around 61,000 ships will need to be upgraded or replaced before 2050.
    • Older vessels are likely to reach the end of their service before this investment is paid off and the onerous cost is the same even for smaller ships.
    • Ships capable of burning both methanol and methane are already being ordered by container shipping lines such as Maersk, Evergreen, CMA CGM and COSCO.

…and so are safety regulations

    • A lack of safety regulations is partly responsible for the slow uptake of alternative fuels.
    • This is partly because the IMO has issued safety regulations for methanol as fuel, but not ammonia and hydrogen, which has cast doubt on their future among shipowners.
    • According to the Green Methanol Institute, about 0.7 million tonnes of green methanol could be produced globally by the end of 2023.

Lots to build

    • Green hydrogen in particular, the key ingredient for other fuels, will need a large investment as it must be stored in special containers at around −253°C.
    • The good news is that decarbonising international shipping will benefit more than this vital industry by expediting renewable energy investments and helping sun-rich emerging economies flourish with the chance to make lots of cost-effective green hydrogen.
    • Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue.

AM Best Affirms Credit Ratings of COSCO SHIPPING Captive Insurance Co., Ltd.

Retrieved on: 
Thursday, September 14, 2023

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of COSCO SHIPPING Captive Insurance Co., Ltd. (COSCO SHIPPING Captive) (China).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of COSCO SHIPPING Captive Insurance Co., Ltd. (COSCO SHIPPING Captive) (China).
  • The ratings also reflect the wide range of support the company receives from its parent, China COSCO SHIPPING Corporation Limited (COSCO SHIPPING), which AM Best perceives it to benefit from strong governmental support.
  • Based on its three-year business plan, COSCO SHIPPING Captive expects stable premium growth while continuing to deliver a favourable bottom line.
  • For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .

Cargill and BAR Technologies’ Ground-Breaking Wind Technology Sets Sail, Chartering a New Lower-Carbon Path for the Maritime Industry

Retrieved on: 
Monday, August 21, 2023

Cargill and BAR Technologies’ ground-breaking innovation, BAR Tech WindWings by Yara Marine sets sail on open waters, testing new technology that will bring cutting edge wind propulsion to commercial shipping for the first time.

Key Points: 
  • Cargill and BAR Technologies’ ground-breaking innovation, BAR Tech WindWings by Yara Marine sets sail on open waters, testing new technology that will bring cutting edge wind propulsion to commercial shipping for the first time.
  • View the full release here: https://www.businesswire.com/news/home/20230820864494/en/
    Cargill and BAR Technologies’ ground-breaking wind technology sets sail, chartering a new lower-carbon path for the maritime industry.
  • “The maritime industry is on a journey to decarbonize—it's not an easy one, but it is an exciting one,” said Jan Dieleman, President of Cargill’s Ocean Transportation business.
  • Wind is a near marginal cost-free fuel and the opportunity for reducing emissions, alongside significant efficiency gains in vessel operating costs, is substantial.

Hong Kong Investor Relations Association Announces Winners of the 9th IR Awards 2023

Retrieved on: 
Wednesday, June 28, 2023

In its ninth consecutive year, the Awards recognises and honours investor relations ("IR") excellence and best practices among Hong Kong listed companies and IR professionals.

Key Points: 
  • In its ninth consecutive year, the Awards recognises and honours investor relations ("IR") excellence and best practices among Hong Kong listed companies and IR professionals.
  • With the post-pandemic era, the Investor Relations Awards Conference and Awards Ceremony have been fully resumed this year, with IR experts and professionals invited to join discussions sharing their different perspectives on strategies, latest trends, effective processes and best practices of investor relations.
  • The 9th IR Awards 2023 had widespread support from listed companies and the investment sector.
  • Strategic Public Relations Group is again proud to be the Official Public Relations Partner and Diamond Sponsor of HKIRA IR Awards 2023.

Dorel Reports Second Quarter 2023 Results

Retrieved on: 
Friday, August 11, 2023

Second quarter operating loss was US$10.0 million, compared to an operating profit of US$2.2 million last year.

Key Points: 
  • Second quarter operating loss was US$10.0 million, compared to an operating profit of US$2.2 million last year.
  • “As of today, we fully expect the quarter over quarter earnings improvement that started in the first quarter to continue into the back half of the year.
  • As evidenced by our second quarter results and as we indicated in our last outlook in May, Dorel Juvenile is ahead of Dorel Home on that path and will improve its profitability across the quarters, but we are also confident Home will also return to an operating profit in the second half”, commented Dorel President & CEO, Martin Schwartz.
  • Dorel Industries Inc. will hold a conference call to discuss these results on Friday, August 11, 2023 at 1:00 P.M. Eastern Time.