Latest news with #Cosco
Bloomberg
5 days ago
- Business
- Bloomberg
Petrobras Taps Chinese Companies to Help Revive Shipbuilding
Petrobras Chief Executive Officer Magda Chambriard said the Brazilian oil producer is seeking Chinese investment to help upgrade its shipping and infrastructure. A memorandum of understanding Saturday included China's Cosco, Offshore Oil Engineering Co., China State Shipbuilding Co. and China International Marine Containers Ltd. and Brazilian peers EBR, Rio Grande, Maua, Enseada and Atlantico Sul. State-controlled Petroleo Brasileiro SA and its Transpetro logistics subsidiary will serve as anchors for potential technological and business partnerships.
Yahoo
02-07-2025
- Climate
- Yahoo
Wildfire kills 2 people in Spain as parts of Europe bake in heat wave
BARCELONA, Spain (AP) — Two people died in Spain in a wildfire that spread quickly before firefighters brought it under control, authorities said, as a European heat wave sent thermometers soaring again on Wednesday. The blaze broke out in the rural province of Lleida. It created an enormous thick plume of ash and smoke that reached 14,000 meters (45,000 feet) of altitude, making it the largest registered by firefighters in Catalonia, a northeastern region of Spain. Firefighters said that the fire spread at 28 kph (17 mph) at one point, making it one of the fastest fires registered in Europe, they said. Catalan regional president Salvador Illa announced the deaths, which occurred late Tuesday, in a social media post around midnight. Firefighters said that the two victims were found near the small village of Cosco in the county of La Segarra near a vehicle. Regional official Nuria Parlón said that the two victims were a farmer and one of his workers. She said that it appears that they were caught by the flames as they were trying to flee the farm. Two firefighters also needed to be treated a local hospital for injuries. A total of 6,500 hectares (16,000 acres) was burned before firefighters got some help from a rain storm and established a perimeter. Authorities issued warnings to residents via messages to smartphones and ordered 14,000 people to stay indoors, firefighters said. That order was lifted late Tuesday. The fire destroyed mostly farmland, but it also incinerated at least three old farmhouses and some other farm buildings. The fire was declared under control early Wednesday. 'Wildfires today are not like they were before,' Ill said. 'These are extremely dangerous. From the very first moment, it was considered to be beyond the capacity of extinction. I mean that not even with two or three times the number of firefighters, they have told me, it would have been possible to put out.' The heat wave in parts of Europe has set record high temperatures for June in Spain and Portugal. More hot weather is expected on Wednesday with temperatures in the Lleida region forecast to reach a high of 39 C (102 F). 'It will be a difficult day due to the high temperatures and until we get past the hottest part of the afternoon we will have to be on our guard,' said Illa, the regional president. Italy's health ministry also forecast 18 of the country's 27 major cities will be experiencing a heat wave on Wednesday. Joseph Wilson, The Associated Press
Al Arabiya
02-07-2025
- Climate
- Al Arabiya
Two dead in Spain as heatwave scorches Europe
Firefighters in Spain have said they found two bodies after a blaze in the northeast of the country, which is in the midst of a brutal heatwave. The heatwave across Europe this week broke high temperature records, caused the closure of schools and increased the risk of fire. Authorities in Spain's Catalonia region on Tuesday confined about 14,000 people to their homes due to two wildfires that broke out almost simultaneously in the province of Lerida. In one of the blazes, near the city of Cosco, 'two people were found lifeless by firefighters', the fire and emergency service said in a statement. The exact cause of the fire was unclear, but the service said the recent heat, dry conditions and strong winds caused by storms had increased the intensity of the flames. Catalonia regional president Salvador Illa said he was 'dismayed after learning of the death of two people as a result of the fire', in a post on X. Hours earlier, police in the region had reported the death of a two-year-old boy after he was left in a parked car in the sun for several hours. Spain is in the midst of an intense heatwave, with temperatures exceeding 40 degrees Celsius (104 degrees Fahrenheit) in many places and several heat records set for the month of June. One person died in the southern city of Cordoba and another in Barcelona, both while doing road work on Saturday and likely victims of heatstroke. According to scientists, extreme weather events, such as heatwaves and storms, are becoming more intense due to man-made climate change. Tens of thousands of people have died in Europe during past heatwaves, prompting authorities to issue warnings for old and young, the sick, and others vulnerable to what experts call a 'silent killer.'
Yahoo
17-06-2025
- Business
- Yahoo
China's Cosco Eyes Stake in MSC-BlackRock Panama Ports Deal
Cosco Shipping could potentially be a new partner in the deal that would transfer two ports on the sides of the Panama Canal to Mediterranean Shipping Company (MSC) and BlackRock. China's largest container shipping company is one of multiple Chinese state-backed companies that is in discussion to invest in the consortium to buy more than 40 ports from port operator CK Hutchison Holdings, according to a report from Bloomberg. More from Sourcing Journal Apparel Tariffs Climbed to Historic Highs in April China-to-US Freight Rates 'No Longer Surging'-Is it All Downhill from Here? Trump Touts Higher Duty Rate for Chinese Imports Under New Trade Deal The addition of Chinese investors emerged as a potential option as the current iteration of the deal has hit regulatory roadblocks in the country amid a power struggle with the U.S. over influence on the trade artery. The Panama Canal Authority acknowledged the sale could put the waterway's neutrality at risk. China's antitrust body is currently probing the deal after reports that President Xi Jinping was unhappy with the port sale by Hong Kong-based CK Hutchison. It is unclear what stake Cosco would have if a port deal took place, or what ports it would gain control over. The deal itself followed President Donald Trump's rhetoric that the U.S. should 'take back' the canal, partly due to Washington's worries that Hutchison's ownership of the adjacent ports poses national security concerns for U.S. trade interests. But according to the Bloomberg report, the idea to include Chinese investors in the MSC/BlackRock consortium came to be after high-stakes tariff negotiations in Switzerland concluded last month between Chinese and U.S. officials. Cosco's—or any other Chinese company's—involvement could still sound off some bells due to their state-owned status, according to analysis by Drewry provided after a webinar on the deal held Thursday. 'This will be problematic in many jurisdictions, for example Cosco was limited to taking only a 24.99 percent stake in Container Terminal Tollerort in Hamburg' in 2021, Drewry said. A previous Financial Times report from early June indicates that Hutchison is also considering exploring a sale of some or all of its remaining 10 ports in greater China in a separate deal as a way to appease the U.S. and China. 'We would expect that if sold that both Cosco Shipping Ports and China Merchants Ports would be likely candidates, but there may be competition concerns here given existing strength of these companies in the Chinese port sector,' according to Drewry. A 145-day period for exclusive talks between Hutchison and the consortium ends in late July. The parties have already missed an initial goal of signing an agreement on the Panama part of the deal by early April. If a deal goes through as initially planned, it would cost $22.8 billion for the ports to switch hands, with CK Hutchison netting more than $19 billion in cash from the transaction. MSC would be the lead investor in this acquisition through its Terminal Investment Limited (TIL) terminal operator subsidiary, various reports have said. The ocean freight giant is setting itself up as the dominant figure across container shipping and port terminals if a tentative deal to acquire the Panama ports clears approval. But that remains a big if—and a resolution isn't going to come quick. 'We're going to be talking about this deal for at least a year, if not longer, while it makes its way through regulatory approvals,' said Eleanor Hadland, senior associate of ports and terminals at Drewry, during the webinar. An approved deal would thrust MSC into the position of largest global terminal operator worldwide, up from its rank of seventh in 2023, Drewry said. When including the 43 ports from Hutchison, which comprise 199 berths in 23 countries, MSC would have a terminal capacity of 196 million 20-foot equivalent units (TEUs), giving the firm equity interest in more than 15 percent of global capacity. 'While it's unlikely that MSC/TIL will be allowed to take over all of Hutchison's assets due to market concentration concerns from the relevant competition authorities, it's also unlikely that this would make a large enough dent in the combined portfolio to affect this final outcome of going up to first place in the rankings,' said Eirik Hooper, senior associate of ports and terminals at Drewry. The MSC shakeup would spark an uptrend of 'hybrid' global terminal operators (GTOs), Hooper pointed out. For the first time, three hybrid operators would be represented among the top five GTOs, including MSC, Cosco (fourth) and Maersk (fifth) through its APM Terminals division. Hooper acknowledged the risks of consolidation within the industry, namely for liners without terminal-operating capacity, noting that the larger ports will typically see greater alignment between ownership of the terminal and the customer base of the terminal. However, these carriers can still reap benefits in a hybrid-dominated environment, he said. 'In small-medium ports, even where terminals are operated by a hybrid GTO, they are catering to all liners calling at the port. While this may sound less than ideal, terminal service agreements specify the berth windows, productivity and price therefore minimizing the risk of 'preferential treatment' for aligned carriers,' Hooper said. 'In some markets, the investment by a hybrid operator may be motivated to improve service levels for their own shipping services, but equipment upgrades and service level improvements will benefit all users.' Sign in to access your portfolio
Yahoo
14-06-2025
- Business
- Yahoo
China Wants In: $19B Port Mega-Deal May Flip Global Trade Power
A BlackRock-backed consortium is closing in on one of the year's most sensitive infrastructure deals: the $19 billion purchase of 43 ports from billionaire Li Ka-shing's CK Hutchison Holdings (CKHUF). But now, a twistChina Cosco Shipping , the country's largest state-owned maritime group, is in talks to join the group, according to people familiar with the matter. The consortium, led by Terminal Investment Ltd., the port arm of shipping giant MSC, could see Cosco brought in as a strategic investor to help smooth political frictionespecially around two of the ports that sit at the entrance to the Panama Canal. Warning! GuruFocus has detected 8 Warning Signs with CKHUF. Beijing has pushed back hard against the transaction, seeing it as a potential threat to its global trade footprint. Nationalist newspapers blasted the deal as a concession to U.S. pressure, and regulators reportedly warned state companies to steer clear of Li-linked ventures. But after high-level meetings between U.S. and Chinese officials in Switzerland, the idea of bringing Cosco on board began to gain traction. The Chinese foreign ministry later expressed support for Panama's right to protect its sovereigntywhile subtly pushing back on what it calls economic bullying. The Canal Authority itself isn't thrilled either: it recently raised flags over how concentrated control under MSC and BlackRock might undermine the canal's neutrality. CK Hutchison's exclusivity period for the talks ends in late July, and while a signing target in April has already been missed, momentum appears to be building. Cosco shares popped as much as 6% Friday on news of the discussions, while CK Hutchison rose 1.9%. But deal structure remains a sticking point. Under current terms, MSC would control all ports except the Panama pairthose would go to BlackRock. Even if that changes, MSC is still on track to become the world's largest terminal operator by volume, according to Drewry's Eirik Hooper. Whether Cosco gets a seat at the table could determine not just the deal's fatebut who really controls the future of global trade. This article first appeared on GuruFocus.
