China COSCO Holdings has signed a co-operation agreement with China Classification Society to improve energy efficiency for its bulk carriers.
The company, which posted a record loss of $1.7bn last year, is restructuring its dry bulk units to improve operational efficiency and reduce costs.
In December, China COSCO established Beijing-based unit COSCO Bulk, to manage operations in Tianjin, Qingdao, Shenzhen and Hong Kong. It also set up two desks to trade the group’s bulkers in Beijing and Hong Kong.
The company is seeking to reduce fuel consumption, to reduce the impact of high bunker prices.
According to the agreement, COSCO Bulk will set up energy efficiency management systems on all its vessels and carry out research on fuel-saving technology and operation.