On May 31, 2018, COSCO SHIPPING Technology Co., Ltd. (CS Tech), a subsidiary of COSCO SHIPPING, signed a joint venture contract with Furuno Electric Co., Ltd. (FURUNO) and Heisei Trading Co., Ltd. (Heisei Trading) in Shanghai. Capt. Xu Lirong, Chairman of COSCO SHIPPING, Mr. Wang Yuhang, Executive Vice President of COSCO SHIPPING, and heads of FURUNO and Heisei Trading attended the signing ceremony. Mr. Cai Huixing, Chairman of CS Tech, Mr. Yukio Furuno, President of FURUNO, and Mr. Tomohiro Imae, President of Heisei Trading signed the contract on behalf of the three parties.
As a major step to implement the agreement on strategic cooperation among COSCO SHIPPING, FURUNO and Heisei Trading, this contract provides a key platform for the three sides to give full play to their respective advantages, strengthen their cooperation on the ship navigation & communication technologies, and make joint efforts in market expansion and branding. In order to fully tap the brand effect and industry clout of COSCO SHIPPING, the world’s largest integrated shipping service provider, and FURUNO, the world-renowned ship navigation & communication equipment R&D manufacturer, the joint venture will be registered at the industrial and commercial administration with the name “COSCO SHIPPING FURUNO Navigation and Communication Technology (Shanghai) Co., Ltd.” The new company will mainly engage in the technology R&D, design, production, system integration, sales and service of ship navigation & communication products and systems.
Heads of the Group’s relevant divisions and COSCO SHIPPING Technology were also present at the event.