COSCO And McMullen Form New Company— COSCO North America

China Ocean Shipping Company (COSCO), the national shipping company of the People's Republic of China, and Dr. John J. McMullen, owner of Norton, Lilly & Co., Inc., announced the formation of COSCO North America, Inc. COSCO North America, which is jointly owned by COSCO and Dr.

McMullen, is acting as general agent for COSCO's activities in North America.

Norton, Lilly & Co., Inc., has been selected as the new company's subagent, providing agency services outside the Port of New York through its coast-to-coast network of offices.

COSCO North America, Inc., based in Secaucus, N.J., began operations last month. The new company is serving as general agent for COSCO's fortnightly containership service between China and the U.S. East Coast and Gulf Coast, and COSCO's new fortnightly container and RO/RO service between China, Hong Kong and the U.S. West Coast. The company is also providing agency service for COSCO in the Port of N.Y.

All formalities and the signing of documents for the new joint venture were completed in Beijing, China, in October by Chen Zhong Biao, deputy managing director of COSCO; Liu An Lu, senior financial manager of COSCO and chairman of COSCO North America; Dr.

McMullen, chairman of The McMullen Group; Chang Senchang, president of COSCO North America; and John H. Griffith, chairman and president of Norton, Lilly & Co.

China Ocean Shipping Company, which is headquartered in Beijing, operates one of the largest shipping fleets in the world, with over 500 vessels. COSCO provides worldwide liner service in addition to operating bulk, tanker and passenger vessels. For additional information on the new company, COSCO North America,

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