Displaying items by tag: Chinese Coastal Trade

16th January 2015

China Approves Coastal Trade for Three COSCO Foreign-Flagged Containerships

#ChinaCoastalTrade - Three foreign-flag boxships owned by Cosco Container Lines according to LloydsLoadingList.com, have recently won government approval to carry containers between Shanghai and other Chinese ports.

The move signals an official launch of Beijing's pilot project to liberalise the country's cabotage restrictions.

The vessels, 49,961 dwt Cosco Surabaya, 49,973 dwt Cosco Venice and 49,959 dwt Cosco Wellington — all Hong Kong-flagged — are the first batch of players granted such privilege, while ships owned by China Shipping Container Lines are also applying for the designation, according to the state-run news agency Xinhua.

Beijing announced in 2013 that it would permit Chinese carriers to ship international cargoes between Shanghai and other Chinese ports with their own vessels flagged abroad after registering them in the transport ministry, under a pilot programme to boost transhipment in Shanghai free trade zone. The aim was to promote Shanghai, already the world's busiest port, as an international shipping centre.

For more on this trade development, click HERE.

Published in Ports & Shipping

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.