On August 1, 2017, COSCO SHIPPING Technology Co., Ltd., a subsidiary of COSCO SHIPPING, signed a letter of intent with Furuno Electric Co., Ltd. (FURUNO) and Heisei Trading Co., Ltd. (Heisei Trading) in Shanghai in order to establish a Joint Venture. Capt. Xu Lirong, Chairman of the Board of COSCO SHIPPING, Mr. Wan Min, Director of the Board and President of COSCO SHIPPING, Mr. Wang Yuhang, Executive Vice President of COSCO SHIPPING, and heads of FURUNO and Heisei Trading witnessed the signing ceremony. Mr. Zhou Qun, Chairman of the Board of COSCO SHIPPING Technology, Mr. Yukio Furuno, President of FURUNO, and Mr. Tomohiro Imae, President of Heisei Trading signed the letter of intent on behalf of the three parties.
As a concrete step to implement the agreement on strategic cooperation among COSCO SHIPPING, FURUNO and Heisei Trading, this letter of intent would give full play to their respective advantages and facilitate their cooperation on the R&D, production, sales and service regarding ship navigation & communication products and related technologies.
Executives from the Group’s relevant divisions and Shanghai Ship and Shipping Research Institute were also present at the signing ceremony.