Cosco Shipping

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China COSCO Shipping Corporation Limited - abbreviated as COSCO SHIPPING - is a Chinese multinational transportation service and real estate conglomerate headquartered in Shanghai. The group's core businesses are marine transportation and stevedoring.[1] COSCO SHIPPING was established in January 2016 by the merger of COSCO and China Shipping.[2]

China COSCO Shipping Corporation Limited
Native name
中国远洋海运集团有限公司
State-owned enterprise
IndustryMarine transportation
PredecessorCOSCO
China Shipping
Founded2016; 4 years ago (2016)
Headquarters,
Area served
Worldwide
Key people
Xu Lirong (Chairman)
ServicesMarine transportation
Stevedoring
Chartering
Shipbuilding
Real estate development
Revenue281,836,600,000 renminbi (2018) Edit this on Wikidata
SubsidiariesList of subsidiaries
Websiteen.coscoshipping.com
COSCO Shipping headquarter in Beijing.
COSCO SHIPPING container mounted on a chassis.

As of March 2020, COSCO SHIPPING's fleet was among the largest in the world - 1310 vessels with a capacity of 105.92 million DWT.

HistoryEdit

In January 2016, the Chinese State Council approved the merger of COSCO and China Shipping, forming COSCO SHIPPING.[2] The merger of COSCO and China Shipping - which occurred during a downturn in the marine transportation industry - sought to achieve economies of scale.[3] The merger was also part of a broader effort by the Chinese government to restructure its state-owned shipping sector.[4]

 
COSCO SHIPPING container being transported on an intermodal freight train.

COSCOEdit

China Ocean Shipping (Group) Company, founded in 1961 and headquartered in Beijing, was a Chinese state-owned multinational transportation services conglomerate. COSCO's bulk cargo subsidiary was the world's largest in 2007.[5] Its container shipping subsidiary - COSCO Container Lines - was a member of the CKHYE container line alliance[6] and one of the world's top 10 container carriers in terms of fleet capacity. COSCO was among China's top 15 brands in 2012.[7]

China ShippingEdit

China Shipping (Group) Company was founded in 1997 and was headquartered in Shanghai. The group was a Chinese state-owned multinational transportation services conglomerate. China Shipping's container shipping subsidiary - China Shipping Container Lines - operated 156 container vessels with 724,000 TEU capacity.[8] China Shipping Container Lines was a member of the Ocean Three Alliance [9] and its container ship CSCL Globe was the world's largest in 2014.[10] China Shipping's other subsidiaries operated oil tankers, tramps, passenger ships, and car carriers.

Business sectorsEdit

COSCO SHIPPING is composed of seven business clusters.

Shipping Industrial ClusterEdit

This sector consists of marine transportation services and represents COSCO SHIPPING's core business.

COSCO SHIPPING Lines, Ltd. - held by COSCO SHIPPING Holdings Co. Ltd. - is the container shipping subsidiary of COSCO SHIPPING. As of May 2020, COSCO SHIPPING Lines is the world's third largest container carrier in terms of vessel capacity, operating over 2.8 million TEU. [11] COSCO SHIPPING Lines is a member of the Ocean Alliance - a vessel-sharing alliance - along with CMA CGM and Evergreen Line.[12] In July 2018, COSCO SHIPPING Holdings acquired Orient Overseas International Ltd., one of the world's top 10 largest container carriers.[13]

The other components of COSCO SHIPPING's Shipping Industrial Cluster include:

  • Dry bulk cargo shipping
  • Oil & gas shipping
  • Passenger liner services
  • Terminal operation
 
COSCO SHIPPING contship.

Logistics Industrial ClusterEdit

  • Integrated logistics business
  • Specialized and general cargo transportation
  • Vessel agency
  • Tally

Shipping Finance Industrial ClusterEdit

  • Ship chartering
  • Container leasing
  • Non-shipping leasing

Equipment Manufacturing Industrial ClusterEdit

  • COSCO SHIPPING Heavy Industry

Shipping Services Industrial ClusterEdit

  • Bunker fuel supply
  • Ship management
  • Seafarer labor service
  • Shipping Technology Research and Development

Social Services Industrial ClusterEdit

  • Hotel management
  • Hospitals
  • Real estate development

Internet & Business ClusterEdit

  • Information technology

IncidentsEdit

2009 Norway oil spillEdit

On 31 July 2009, the Panama-flagged bulk carrier, Full City, operated by COSCO, experienced engine failure and ran aground near Langesund, Telemark, Norway, during a storm, spilling 200 tons of heavy bunker fuel oil in an ecologically and environmentally sensitive wildlife area.[14]

2010 Great Barrier Reef groundingEdit

On the 3 April 2010 MV Shen Neng 1 ran aground approximately 38 nautical miles (70 km; 44 mi) east of Great Keppel Island, Australia.[15] The ship, which was carrying 975 tonnes of heavy bunker fuel oil, began leaking oil in the Great Barrier Reef Marine Park, which is closed to commercial shipping (it had been 15 nautical miles (28 km; 17 mi) off course).[16] The Australian Maritime Safety Authority has revealed that a shipping plan was lodged for Shen Neng 1 to travel between Douglas Shoal and the Capricorn Group, where there is a gap of 6 nautical miles (11 km; 6.9 mi).[17]

See alsoEdit

ReferencesEdit

  1. ^ "COSCO SHIPPING Business Sectors". Retrieved 22 May 2020.
  2. ^ a b "China COSCO Shipping History". Retrieved 22 May 2020.
  3. ^ Dupin, Chris (18 February 2016). "Merged China COSCO Shipping Corporation Limited launched". Retrieved 22 May 2020.
  4. ^ Knowler, Greg (16 June 2015). "China committed to reforming its state-dominated shipping sector". Retrieved 22 May 2020.
  5. ^ "China COSCO Buys World's Largest Dry Bulk Fleet Becoming an Integrated Shipping and Logistics Conglomerate". 5 September 2007. Retrieved 22 May 2020.
  6. ^ Wackett, Mike (20 February 2014). "CKYH regroups with Evergreen to fight the P3 and G6 – will CSCL be next to link up?". Retrieved 22 May 2020.
  7. ^ Dooley, Howard J. (Spring–Summer 2012). "The Great Leap Outward: China's Maritime Renaissance". The Journal of East Asian Affairs. Institute for National Security Strategy. 26 (1): 57. JSTOR 23257908.
  8. ^ "China Shipping: About Us". Retrieved 22 May 2020.
  9. ^ Barnard, Bruce (9 September 2014). "'Ocean Three' Alliance formed by CMA CGM, China Shipping, UASC". JOC.com. Retrieved 21 June 2020.
  10. ^ Tovey, Alan (7 January 2015). "A quarter of a mile long and arriving here now - the world's biggest ship docks in Britain". The Daily Telegraph. Retrieved 16 January 2015.
  11. ^ "Alphaliner TOP 100 / 22 May 2020". Retrieved 22 May 2020.
  12. ^ "Ocean Alliance: the world's largest operational agreement between shipping companies is extended until 2027". 18 January 2019. Retrieved 22 May 2020.
  13. ^ Jiang, Jason (26 July 2018). "Cosco completes OOCL takeover". Retrieved 22 May 2020.
  14. ^ Wojciech Moskwa (3 August 2009). "Norway police charge ship captain after fuel spill". Reuters. Retrieved 16 May 2010.
  15. ^ Department of Transport and Main Roads (1 June 2010). "Great Barrier Reef Grounding". Queensland Government. Archived from the original on April 7, 2010. Retrieved 4 June 2010.
  16. ^ Aarthun, Sarah (5 April 2010). "Official: Ship aground near Great Barrier Reef was off course". CNN. Retrieved 12 October 2012.
  17. ^ "Oil Spill Ship Took Legal Reef Route". ABC News. 6 April 2010. Retrieved 16 May 2010.