COSCO SHIPPING

Cosco intends to acquire 80 percent of Hamburg freight forwarder Zippel; the economics ministry has moved the investment screening procedure into a second, months‑long round. The Federal Office for the Protection of the Constitution has voiced concerns about possible cumulative acquisition projects as Cosco expands its presence in port and hinterland operations. Zippel has 350 employees and around €75 million in revenue; management stresses that jobs in Hamburg will be preserved and no sensitive data are affected. » More on faz.net

The Cosco Shipping-owned supertanker Yuan Hua Hu sailed past Larak island into the Gulf of Oman, signaling Chinese ownership and a Zhoushan destination as it appears to head toward an area with a US-enforced blockade. Ship data show the vessel is near full capacity after lifting cargo from Iraq’s Basrah and was chartered by Unipec, the trading arm of Sinopec. The transit is only the third by a Chinese very large crude carrier since the war began and comes amid heightened US pressure and sanctions on Chinese buyers of Iranian oil. It is unclear whether the tanker will successfully transit the blockade area amid reported erratic tanker movements and potential electronic interference with ship signals. » More on finance.yahoo.com

The Federal Office for the Protection of the Constitution has expressed concerns about the planned 80 percent takeover of Hamburg freight forwarder Zippel by the Chinese state shipping company Cosco and has submitted these objections in writing during an investment review procedure. The domestic intelligence service cites Cosco’s cumulative acquisition plans in Germany and the EU as well as potential strategic influences. The Federal Cartel Office has already approved the deal, but the final decision rests with the federal cabinet. » More on de.investing.com