Reklam
Reklam
Reklam
Reklam
Reklam

China Cosco Shipping Corp born, making it 4th biggest box line in the world

THE China Cosco Shipping Corporation Limited is now a full blown corporate entity - the merger of China Cosco Group and China Shipping Group.

China Cosco Shipping Corp born, making it 4th biggest box line in the world
18 February 2016 - 22:25

THE China Cosco Shipping Corporation Limited is now a full blown corporate entity - the merger of China Cosco Group and China Shipping Group.
The merged company, China Cosco Shipping, is to be headed by chairman Xu Lirong, the sitting chairman of China Shipping while China Cosco's deputy general manager Wan Min becomes president.
The two groups and their units saw trade in their shares halted in August, before Beijing officially approved the merger in December.
Mr Xu said that neither Cosco nor China Shipping alone had the resources to compete on the global stage, a situation now rectified by the merger.
China Cosco Shipping will deploy a fleet of 1,114 ships totalling 85.32 million dead weight tonnes. Among them, the dry bulk and tanker fleet capacity will be the world's largest, while the container vessel capacity at 1.58 million TEU will now rank No 4.
The newly merged group will have 46 container terminals globally with overall box volume of 90 million TEU, ranking second in the world. Its container leasing fleet will surpass 2.7 million TEU, making it No 3.
China Cosco Shipping Corp will also focus on a so-called 6+1 industrial clusters, which are shipping, logistics, finance, equipment manufacturing, shipping services, socialised industry, plus business related to the Internet Plus initiative based on business innovation.
"We believe that by proceeding with the 6+1 industrial layout, China Cosco Shipping Corp will form a complete global business chain within a short time, laying a solid foundation for the globalisation of the group," China Cosco Shipping Corp said in a statement.
It remains unclear how China Cosco and CSG intend to stick to their operational cooperation in their respective alliances, which is CKYHE for China Cosco and Ocean Three for China Shipping, noted Seatrade Maritime News of Colchester, England.
Container shipping analyst Alphaliner said this week that China Cosco has yet to reveal any post-merger alliance plans to follow its absorption of CSCL's container shipping operations.
Alphaliner further suggested that France's CMA CGM and China Cosco are leading a joint effort to set up a new mega carrier alliance by roping in Evergreen and Orient Overseas Container Line (OOCL), with the alliance potentially named CCEO.

This news 6308 hits received.

COMMENTS

  • 0 Comment