COSCO

China Ocean Shipping (Group) Company (Chinese: 中国远洋运输（集团）总公司), known as COSCO, was a Chinese state-owned shipping and logistics services supplier company.[1] Its headquarters is in Ocean Plaza in the Xicheng District in Beijing.[2][3] It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of 1,580,000 twenty-foot equivalent units (TEU), and a tanker fleet of 120 vessels.[4] The fleet calls at over a thousand ports worldwide.[5] It ranks third largest in both number of container ships and aggregate container volume in the world.[6] In 2012, it was among China's top 15 brands.[7]

Not to be confused with Costco, Cosco (India) Limited, Cusco, or CUSCO Japan.
China Ocean Shipping (Group) Company
中国远洋运输（集团）总公司
State-owned enterprise
IndustryTransportation
FateMerged
SuccessorChina COSCO Shipping
FoundedApril 27, 1961 (1961-04-27)
Defunct2016
Headquarters
Xicheng District, Beijing
,
China
Area served
Worldwide
ServicesFreight forwarding
Shipbuilding
Ship repairing
Terminal operations
Websiteen.coscocs.com
COSCO Vancouver
COSCO 40 foot container
Semi-submersible heavy lift vessel Xiang Rui Kou

It was the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide. In addition, the Group is the largest liner carrier in China.[8] A list of the ships it operates can be found at COSCO fleet lists. In February 2016, the COSCO Group merged with China Shipping Group to form China COSCO Shipping.[9]

Subsidiaries

COSCO contains seven listed companies and has more than 300 subsidiaries locally and abroad, providing services in freight forwarding, ship building, ship repair, terminal operation, container manufacturing, trade, financing, real estate, and information technology.[10]

There are seven listed companies of COSCO:

In April 2016 COSCO agreed to buy 51% of Piraeus Port Authority,[11] which is listed on the Athens Stock Exchange (Athex: PPA) and is a constituent of the FTSE/Athex Large Cap index. COSCO's subsidiary Piraeus Container Terminal (PCT) has been operating two Piers at Piraeus Port since 2009.[11]

In July 2017, COSCO put in a $6.3 billion bid to buy its Hong Kong based rival Orient Overseas (International) Limited. The bid has been accepted subject to shareholder and regulatory approval. This will make it the world's third largest container shipping company with a fleet of over 400 vessels.[12]

In July, 2020, COSCO entered into an agreement with Alibaba and its affiliate Ant Group, to jointly promote the cooperation on and application of shipping blockchain.[13]

Incidents and accidents

2009 Norway oil spill
Main article: Full City oil spill

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 grounding

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 also

References
  1. "China Ocean Shipping Group Co". Bloomberg. Retrieved 14 March 2013.
  2. "Contact Us Archived 2010-01-30 at the Wayback Machine." COSCO.
  3. "Donation Archived 2011-07-27 at the Wayback Machine". COSCO. May 21, 2008.
  4. "China Cosco Shipping Group Profile". Retrieved 4 August 2017.
  5. COSCO Group Archived 2008-05-29 at the Wayback Machine
  6. "Alphaliner TOP 100". January 2019.
  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 Ocean Shipping (Group) Company Company Profile". Yahoo Business. Retrieved 18 March 2013.
  9. "Archived copy". Archived from the original on 2017-11-12. Retrieved 2016-07-25.CS1 maint: archived copy as title (link)
  10. "Fleet". COSCO Group. Archived from the original on 29 March 2010. Retrieved 4 April 2010.
  11. "Greek president hopes for more investments following Piraeus Port Authority deal". Hellenic Shipping News. 11 April 2016. Archived from the original on 26 April 2016. Retrieved 13 April 2016.
  12. "China shipping firm Cosco to buy HK rival OOIL for $6.3bn". BBC News. Retrieved 10 July 2017.
  13. "Cosco joins Alibaba to promote shipping blockchain". Global Cargo News. 8 July 2020. Retrieved 8 July 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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.