COSCO SHIPPING Ports (01199) and CNOOC Beijing Holdings increased their joint venture capital by a total of US$20.57 million according to their shareholding ratio

According to Zhitong Finance App, COSCO SHIPPING Ports (01199) announced that on December 8, 2025, CNOOC Port, a wholly-owned subsidiary of the company, signed a capital increase agreement with CNOOC. Based on this, the contracting parties agreed to increase the capital of the joint venture COSCO Shipping Terminals (USA) LLC on a proportional basis. The total capital increase was US$20.57 million. CNOOC and CNOOC increased their capital by US$8.228 million and US$12.342 million respectively. The joint venture is a joint venture with CNOOC Port and CNOOC holding 40% and 60% of the shares respectively. On June 30, 2007, CNOOC and CNOOC entered into a limited liability company agreement. According to this, the contracting parties agreed to establish a joint venture. CNOOC Port and CNOOC Beijing Holdings will invest 80,000 US dollars and 120,000 US dollars respectively as initial investment in the joint venture in exchange for 40% and 60% of the joint venture's interests respectively. Immediately before the capital increase was completed, the total capital of the joint venture was US$6.9 million. CNOOC Port and CNOOC held 40% and 60% of the joint venture's interests respectively. The capital increase was completed on the date of this announcement (i.e. December 8, 2025). CNOOC continues to hold 40% of the joint venture's interest, while CNOOC Beijing Holdings continues to hold 60% of the joint venture.

The additional capital increase is intended to enable the joint venture to fulfill its share of liability in the liquidation of SSA Terminals (Seattle), LLC (where the joint venture holds one-third interest) and to pay other amounts associated with that liquidation. The capital increase will facilitate the efficient liquidation of SSA Terminals (Seattle), LLC and eliminate the Group's risk exposure to this non-core associated company, thereby reducing the Group's potential future losses and contingent liabilities. The transaction is in line with the Group's strategic goal of optimizing and streamlining the terminal portfolio by concentrating resources to develop core terminal business and divesting or gradually reducing non-strategic investments.