COSCO Shipyard Group Co. Ltd., China's largest shipping company, has signed an agreement with the Ancai Group, the country's biggest CRT glass producer, according to the Beijing News.

Under the agreement, COSCO will offer shipping services and competitive prices to Ancai, while Ancai promises to increase the amount of shipment done through COSCO each year, said the newspaper.

Wei Jiafu, COSCO's president, was quoted as saying that the agreement will help the two sides reduce market risks, improve management and control operation costs for competition on the international market.

As leaders of their respective industries, COSCO, a multinational group focusing on shipping and logistics, boasts theworld's No. 2 transportation capacity, while Ancai is the world's No. 1 CRT glass producer.

Source: Xinhua