COSCO Container Shipping Agency is a unit of COSCO Container Lines Co Ltd and has more than 50 offices in Chinese coastal cities. China COSCO Holdings is Asia's largest shipping firm.
Sino-Global, a shipping agency service provider for foreign ships coming to Chinese ports, said expanding its services would increase its footprint in China and add revenue for both the companies.
Confidence in the shipping industry has fallen to its lowest level in two years as vessel oversupply issues and rising bunker fuel costs have taken their toll.
"By signing the agreement, we intend to expand our local agency services through the highly-regarded network of COSCO Container Shipping Agency," Sino-Global Chief Executive Cao Lei said in a statement.
In May, the company posted a loss of $254,000 for its third quarter. (Reuters)
