The new group China COSCO Shipping Corporation: world leader with a fleet of 1,114 ships

   Today in Shanghai, the presence of the secretary of the Communist Party of China’s cities and senior representatives of the central government, was formally established the new shipping company China COSCO Shipping Corporation Ltd. (COSCOCS), which has been legally established earlier this ‘year after the end of 2015 had reached the green light of the State Council of the People’s Republic of China to the merger between the China Ocean Shipping (Group) Co. (COSCO), company founded in 1961, and the China Shipping (Group) Co. . (CS), which was formed in 1997 (of 10 December 2015).

With its 1,114 vessels with a total carrying capacity of 85.32 million tons of deadweight, COSCOCS, which is based in Shanghai, is the world’s largest shipping group. The new group has stressed that the first place is the result of its leadership in terms of ownership of the fleet capacity in the areas of bulk, 365 ships with a total of 33.52 million tons of deadweight operated mainly with China COSCO brands Bulk Shipping (Group) Co. and China Shipping Bulk Carrier Co., tanker, with 120 ships to 17.85 million dwt mainly managed by China Shipping Development Co. as well as from Dalian Ocean Shipping Co., ships for general cargo and specialized, the three million dwt capacity, and the fourth in the world rankings in the container segment with a fleet of 1.58 million teu container capacity which belongs to COSCO container Lines brand (COSCON).

Moreover, the new shipping group relies on a network of 46 port terminals for container traffic handled by COSCO Pacific, which is the second in the world for volume of traffic by moving 90 million TEUs annually. COSCOCS also highlighted its global leadership in the sale of bunkers, with annual supplies in excess of 25 million tons, as well as their third world position in the ranking of the leading container leasing company with a fleet of over consistency 2.7 million TEUs, and its primary worldwide network of shipping agencies and services for the offshore industry. The new group is also present in the passenger transport sector through the Xiamen Ocean Shipping Co. (COSCO Xiamen) and China Shipping Passenger Liner Co. (CS Passenger Line).

In his speech the president of COSCOCS, Xu Lirong, remarked how the birth of the new group came to be situated in the spirit of the reform of the main economic activities of state-owned and how it is made necessary to actively respond to global competition.