Cosco Shipping Energy Transportation, the energy-shipping unit of China Cosco Shipping Corporation, has entered into an insurance services framework agreement with Cosco Shipping Insurance.
Under the agreement, Cosco Shipping Insurance will provide vessel-related insurance services to the group from 1 July 2017 to 31 December 2018 and can be renewed within three months of its expiration.
The deal comes after China Cosco Shipping set up its own captive insurance unit in February, located in Shanghai, after parting from long-term business partner The London P&I Club.
Cosco Shipping Energy Transportation and its subsidiaries predominantly focus on oil shipment along the coast of China and international shipment, and transportation of liquefied natural gas imported by China, and vessel chartering.