Captain Wei Jiafu to step down as Cosco chief, but will stay on as chairman

CHINA Cosco Holdings CEO Captain Wei Jiafu will step down as leader of the nation`s biggest shipping company to be replaced by former China Shipping Group executive Ma Zehua.

But Captain Wei will remain as chairman. A company official told Reuters that a change had nothing to do with Captain Wei`s "capabilities or business performance, but because of his age", adding such changes were routine at state-owned enterprises.


Hong Kong-listed China Cosco Holdings warned investors earlier this month that it would likely produce a net loss in the first half due to falling freight rates and high oil prices.


The Cosco Group earlier approved the creation of a board of directors, something already in place at a handful of other Chinese state-owned enterprises.


Meanwhile some Baltic Exchange members have "raised concerns" over allegations that China Cosco Holdings failed to make charter payments for bulk carriers it hired, reported Bloomberg. The situation would be subject of a review when the exchange`s membership committee meets soon, said Baltic CEO Jeremy Penn.