Beijing: To cope with the complicated and difficult market situation, the bulk shipping arms of the two Chinese shipping giants, Cosco and China Shipping have inked a strategy cooperation framework agreement at Beijing, according to the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.

Cosco Bulk Carrier and China Shipping Bulk Carrier will work together on market information, ship and cargo arrangements, navigation, ship repair and shipping industry policy, to promote the recovery of shipping industry and the healthy development of bulk shipping sector, SASAC said.

It follows the news late last year that the two firms container divisions would cooperate on domestic routes.

Both companies, especially debt-laden Cosco, are under pressure from Beijing to work more closely together before they can expect further aid from the state.

Source from SinoShip