COSCO and the China Shipping Group have signed an agreement covering shipping, terminals, logistics and shipbuilding designed to meet intense competition in the face in of global economic recovery.

Cooperation in business development and investments will include strategic alliances and joint ventures to coordinate the allocation and sharing of resources, vendor management, development of new markets, reports Alphaliner.

The agreement between the two Chinese state-owned giants is based on the principles of "long-term perspective, mutual benefit and win-win cooperation and common development," with priority given to each other as partners.

The aim is to "help the two companies achieve advantage complementation and coordinated growth, and be better prepared for industrial changes, so as to improve the influence of Chinese shipping companies in the world shipping industry". a Cosco statement said.