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. COSCO SHIPPING was established in January 2016 by the merger of COSCO and China Shipping.
|Industry||Marine transportation |
|Xu Lirong (Chairman)|
|Services||Marine transportation |
Real estate development
|Revenue||281,836,600,000 renminbi (2018)|
|Subsidiaries||List of subsidiaries|
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.
In January 2016, the Chinese State Council approved the merger of COSCO and China Shipping, forming COSCO SHIPPING. The merger of COSCO and China Shipping - which occurred during a downturn in the marine transportation industry - sought to achieve economies of scale. The merger was also part of a broader effort by the Chinese government to restructure its state-owned shipping sector.
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. Its container shipping subsidiary - COSCO Container Lines - was a member of the CKHYE container line alliance 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.
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. China Shipping Container Lines was a member of the Ocean Three Alliance  and its container ship CSCL Globe was the world's largest in 2014. China Shipping's other subsidiaries operated oil tankers, tramps, passenger ships, and car carriers.
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.  COSCO SHIPPING Lines is a member of the Ocean Alliance - a vessel-sharing alliance - along with CMA CGM and Evergreen Line. In July 2018, COSCO SHIPPING Holdings acquired Orient Overseas International Ltd., one of the world's top 10 largest container carriers.
The other components of COSCO SHIPPING's Shipping Industrial Cluster include:
- Dry bulk cargo shipping
- Oil & gas shipping
- Passenger liner services
- Terminal operation
Logistics Industrial ClusterEdit
- Integrated logistics business
- Specialized and general cargo transportation
- Vessel agency
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
- Real estate development
Internet & Business ClusterEdit
- Information technology
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.
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. 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). 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).
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