COSCO finds success in vessel slowdown plan

Chinese ocean carrier COSCO is considering slowing its vessels by as much as 10 percent in a bid to stave off fuel costs.

COSCO has been testing the vessel slowing plan since the beginning of the year and found the results impressive, according to a report Wednesday in the China Daily.

An official for the state-owned carrier said in a press conference this week that 30,000 tons of fuel were saved in March (though he didn't specify what percentage of COSCO's usage that would be). The official, Chen Zhengjie, director of safety and technology, said the carrier also equipped some of its fleet with energy saving equipment that has allowed fuel consumption to be at the lowest level in the company's history.

Source: American Shipper