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Cosco Hellas: Captain Wei goes… targets allegedly not met

Powerful and multi-awarded Captain Wei Jia Fu, chairman of the board of Cosco Hellas returns to China after a decision of central party committee. China Ocean Shipping Group (Cosco) announced the decision on Tuesday. Greek media report of some investors allegedly blaming Captain Wei for losses during the last two years.

Captain Wei, 63,  goes to retirement and will be replaced by deputy secretary of party committee Ma ZeHua.

China Ocean Shipping Group (Cosco) today announced the retirement of Captain Wei JiaFu, chairman of the board and secretary of the party committee.

One of the leading figures of the Chinese shipping industry, Wei is an experienced ship’s master and has served as president of a number of the group’s subsidiaries over the years, becoming president and ceo of Cosco in November 1998 and chairman and secretary in August 2011.

Wei is a highly charismatic figure who led Cosco through a huge period of expansion as China transformed into the driving force of global shipping and the economy. He received numerous honours during his career including the prestigious Seatrade Lifetime Achievement award in May 2010. (full story Seatrade)

Some analysts claim that Captain Wei’s replacement do not have much to do with his business success/failure but that he should have retired already three years ago when he reached the retirement age. His successor Ma ZeHua is 60.

As I do not understand very much about Chinese party committees, policies and mentalities, I stick to what Greek media write about the impact of Captain Wei’s retirement for Cosco’s investment in Greece. An investment that serves as a port of China to Europe.

PM Samaras – Captian Wei

Captain Wei had visited Greece last week, where he was decorated with the top Greek state medal. He had promised to attract more investment in Greece. He had expressed interest to invest in old Athens airport Hellinikon, saying literally that “we will turn it into Dubai.”

Στην πρόσφατη επίσκεψή του τιμήθηκε από τον Ευάγγελο Βενιζέλο με το παράσημο του Μεγαλόσταυρου του Φοίνικα

deputy PM Venizelos – Medal – Captain Wei

I don’t know whether the Chinese party committee has any aversion against Dubai-style investments. Point is that Wei’s successor Ma has the difficult task to avert Cosco’s exit from Shangai Stock Exchange, if the company records losses for the third consequent year.

PS the final impact of Cosco’s Greek investment is yet to be seen at the end of 2013, I suppose?

 

 

 

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One comment

  1. As I do not understand very much about Chinese party committees, policies and mentalities,…

    Hmmm. In some points it is not so different from the Greek State, it’s committees, policies and mentalities. 🙂