Dongbang and COSCO join forces for large-scale projects
As part of the agreement, both COSCO and Dongbang will treat each other as a strategic partner. The cooperation will see the companies join forces for bids on large-scale projects where their own respective fleet of equipment would be insufficient.
The agreement, as part of which both COSCO and Dongbang will treat each other as a strategic partner, was signed on October 29, 2019 and is valid until December 31, 2022.
Indeed, Dongbang and COSCO have a history of cooperating with each other for complex heavy transport operations; the companies decided to pool their resources when bidding for a large contract relating to the expansion of an oil plant in Kazakhstan during 2015.
The agreement exploits the natural synergy between the two companies, with COSCO specialising in the offshore industry and Dongbang focusing on the onshore heavy cargo transportation.
South Korea-headquartered Dongbang provides stevedoring services for heavy and oversized cargoes; has a fleet of cranes, SPMTs and tugs; and deploys its self-propelled barges for sea transport operations. Currently, Dongbang has a fleet of six Dongbang Giant barges and plans to add a seventh unit in 2020.
COSCO Shipping Specialized Carriers, meanwhile, operates one of the world’s largest fleets of semi-submersible and heavy lift vessels.