China COSCO Shipping Corporation Limited(branded asCOSCO Shipping) is a Chinese state-ownedmultinationalmarine transportationserviceconglomerate,headquartered inShanghai.[2]It was established in January 2016 by the merger betweenChina Ocean Shipping CompanyandChina Shipping Group Company.[3]
 | |
 COSCO Shipping headquarters | |
Native name | Trung Quốc viễn dương hải vận tập đoàn công ty hữu hạn |
|---|---|
| Company type | State-owned enterprise |
| Industry | Marine transportation |
| Predecessor |
|
| Founded | 2016 |
| Headquarters | , |
Area served | Worldwide |
Key people |
|
| Services | Marine transportation Stevedoring Chartering Shipbuilding |
| Revenue | $44,655 million (2020)[1] |
| Total assets | $125,906.4 million (2020)[1] |
| Total equity | $28,202.6 million (2020)[1] |
Number of employees | 118,243 (2020)[1] |
| Divisions | COSCO Shipping Lines |
| Subsidiaries | |
| Website | en |
Predecessors
editCOSCO
editChina Ocean Shipping (Group) Company, founded in 1961 and headquartered inBeijing,was a Chinese state-owned multinational transportation conglomerate. 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.[4]Its container shipping subsidiary –COSCO Container Lines– was one of the world's top 10 container carriers in terms of fleet capacity. COSCO was among China's top 15 brands in 2012.[5]
China Shipping
editChina Shipping (Group) Company was founded in 1997 and was headquartered in Shanghai. The group was a Chinese state-owned multinational transportation conglomerate. By May 2014, China Shipping's container shipping subsidiary –China Shipping Container Lines– operated 156 container vessels with 656,000TEUcapacity.[6]China Shipping Container Lines' container shipCSCL Globewas the world largest in 2014.[7]China Shipping's other subsidiaries operatedoil tankers,tramps, passenger ships, andcar carriers.
History
editIn January 2016, theChinese State Councilapproved the merger of COSCO and China Shipping, forming COSCO Shipping.[3]The merger – which occurred during a downturn in the marine transportation industry – sought to achieveeconomies of scale.[8][9]The merger was also part of a Chinese government strategy to restructure its state-owned shipping sector.[10]
Shortly after, the subsidiaryCOSCO Shipping Holdingspartnered withShanghai International Port Groupto acquire the majority stake ofOrient Overseas (International)fromTung Chee-hwa-Chee-chenfamilies.[11][12]The deal was completed in August 2018. Orient Overseas (International) is the parent company ofOOCL.This will make it one of the world's largest container shipping company with a fleet of over 400 vessels.[13]
In April 2016 the company agreed to buy 51% ofPiraeus Port Authority,[14]which is listed on theAthens Stock Exchange(Athex:PPA) and is a constituent of theFTSE/Athex Large Capindex. Its subsidiaryPiraeus Container Terminal(PCT) has been operating two Piers at Piraeus Port since 2009.[14]
In January 2017, the company was awarded $26.1 billion by theChina Development Bankto participate in theBelt and Road Initiative.The funding would run through 2021. COSCO has used the finances to invest in its ports and infrastructure projects.[15]
In May 2017, the company signed a deal withKazakhstan's national railway companyto take 24% stake in an inland port in the Khorgos Eastern Gate Special Economic Zone.[16]In December 2018, COSCO Shipping Ports secured a 35-year concession to operate and develop a newly built container terminal inKhalifa Port.[17]In November 2019, the company invested $660 million to upgrade thePiraeus container port,Greece's largest port.[18]
On May 11, 2020,COSCO Shipping Ports,Dongfeng Commercial Vehicle,andChina Mobilesuccessfully transported ashipping containerwithinXiamen Ocean Gate Terminalusing anAGVguided by5G.The achievement demonstrated an application of 5G technology in developing a "smart port". At the event, the three companies announced a roadmap for large-scale implementation of 5G technology in ports.[19][20]
On September 25, 2019, theUS Treasury Departmentsanctioned the tanker subsidiary of COSCO Shipping, COSCO Shipping Tanker (Dalian) Seaman & Ship Management, as well as COSCO Shipping Tanker (Dalian), for breaching theUnited States sanctions against Iran.However, the parent company of the aforementioned companies were not sanctioned.[21]The US lifted the sanctions against COSCO Shipping in January 2020.[22]
In July 2020, the company entered into an agreement with Alibaba and its affiliate Ant Group, to jointly promote the cooperation on and application of shipping blockchain.[23]
COSCO Shipping and its predecessor COSCO, has a Hong Kong division, COSCO Shipping (Hong Kong) Limited, a private company formerly known as Cosco (Hong Kong) Group Limited. This acquired listed companyCOSCO Shipping International(at that time, Shun Shing Holdings) as a vehicle ofbackdoor listingin 1997 and bought the real estate businesses, such as Shun Shing Construction and an office building, from COSCO Shipping International in the 2000s.[clarification needed][24][25]Cosco (HK) Group itself also purchased a 20% stake in Lai Sun Hotels in 1997.[26]However, after the1997 Asian financial crisis,Lai Sun Development,the parent company of Lai Sun Hotels, scrapped the IPO of Lai Sun Hotels and sold all the assets of Lai Sun Hotels instead.[clarification needed][27]
In 2023 the Bulgarian agent of COSCO Shipping lines, Three Stars Ltd, was accused in the local media of racketeering and violating antitrust laws.[28]
The company was a shareholder in the Chinese real estate developer,Sino-Ocean Group.The stake was sold in 2010.[29]It was reported that theSASACof theState Councilhas ordered Government owned companies to sell real estate development unit if it is not their main businesses.[30]
COSCO Shipping Holdings
edit | |||||
| Formerly | China COSCO Holdings Company Limited | ||||
|---|---|---|---|---|---|
| Company type | Public company | ||||
| SEHK:1919 SSE:601919 | |||||
| Industry | ShippingandLogistics | ||||
| Founded | 2005 | ||||
| Headquarters |
| ||||
Area served | People's Republic of China | ||||
Key people | Legal Representative andChairman:Mr. Ma Zehua ( mã trạch hoa ) | ||||
| Services | Containershipping,Dry bulkshipping,Third party logistics,Freight forwarding,Terminaland containerleasing | ||||
| Revenue | 281,836,600,000 renminbi (2018) | ||||
| Owner | COSCO Shipping | ||||
| Parent | COSCO Shipping (viaCOSCO Group) | ||||
| Subsidiaries | COSCO Pacific COSCO Shipping Lines | ||||
| Website | en | ||||
COSCO Shipping Holdings Co., Ltd.,formerlyChina COSCO Holdings Company Limitedwas established in thePeople's Republic of Chinain 2005. It is thelistedflagshipand asubsidiaryofChina Ocean Shipping (Group) Company( "COSCO Group" ), the largest integratedshippingcompany in China and the second largest in the world.
China COSCO Holdings provides a wide range ofcontainershipping,dry bulkshipping,third party logistics,freight forwarding,Terminaland containerleasingdomesticallyand internationally. It isheadquarteredinShanghai.[31]
History
editOn 30 June 2005, itsH shareswere listed on theHong Kong Stock Exchange.On 26 June 2007, itsA shareswere listed on theShanghai Stock Exchange.[32]
China COSCO recorded a loss for financial years 2011 and 2012 and could face a delisting from the Shanghai Stock Exchange if it made a loss for the third consecutive year. On 27 March 2013, China COSCO recorded a profit of RMB 235.47 million for the 2013 financial year and avoided the possible delisting.[33]
Reorganization and asset restructuring
editIn December 2015,COSCO Groupunderwent a major reorganisation withChina Shipping Groupto form the newChina COSCO Shipping Corporation Limited.
As part of the reorganization, China COSCO would sell 100% of equity interest in China COSCO Bulk Shipping (Group) Co., Ltd. toCOSCO Group,representing the disposal of its dry bulk shipping business. After the reorganization, China COSCO would focus on the container shipping business.
In addition, China COSCO would buy certain amount of equity interest of a total of 30 onshore agency companies fromChina Shipping Container Lines( "CSCL" ) and its subsidiary. China COSCO would also enter into a lease agreement with CSCL, under which it would lease the vessels and containers owned or operated by the latter. After the transaction and agreement, China COSCO would acquire the container services-related assets previously owned by CSCL, and become one of the world's leading container shipping and terminal service providers.[34]
See also
editReferences
edit- ^abcd"China Cosco Shipping ranking under Global 500".Fortune.
- ^"COSCO Shipping Business Sectors".Retrieved22 May2020.
- ^ab"China COSCO Shipping History".Retrieved22 May2020.
- ^"China Ocean Shipping (Group) Company Company Profile".finance.yahoo.Retrieved2021-04-03.
- ^Dooley, Howard J. (Spring–Summer 2012). "The Great Leap Outward: China's Maritime Renaissance".The Journal of East Asian Affairs.26(1). Institute for National Security Strategy: 57.JSTOR23257908.
- ^"China Shipping: About Us".Retrieved22 May2020.
- ^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.Retrieved16 January2015.
- ^Goh, Brenda (February 17, 2016)."China launches new shipping giant to battle downturn".Reuters.RetrievedDecember 14,2020.[dead link]
- ^Dupin, Chris (18 February 2016)."Merged China COSCO Shipping Corporation Limited launched".Retrieved22 May2020.
- ^Knowler, Greg (16 June 2015)."China committed to reforming its state-dominated shipping sector".Retrieved22 May2020.
- ^Đổng kiến Hoa gia tộc kỳ hạ phương đông hải ngoại bán bàn trung viễn hải vận mắng 492 trăm triệu thu mua.HK01(in Chinese (Hong Kong)). 9 July 2017.Retrieved14 December2020.
- ^Trở về 20 năm phương đông hải ngoại bán dư trung tư đổng kiến hoa 492 trăm triệu bán gia nghiệp.Oriental Daily(in Chinese (Hong Kong)). 10 July 2017.Retrieved14 December2020.
- ^"China shipping firm Cosco to buy HK rival OOIL for $6.3bn".BBC News.10 July 2017.Retrieved10 July2017.
- ^ab"Greek president hopes for more investments following Piraeus Port Authority deal".Hellenic Shipping News. 11 April 2016. Archived fromthe originalon 26 April 2016.Retrieved13 April2016.
- ^Braden, Dustin (January 13, 2017)."China Cosco gets $26B for Belt and Road initiatives".JOC.RetrievedDecember 2,2020.
- ^"China's COSCO to invest in Kazakhstan border project as part of Silk Road drive".Reuters.May 14, 2017.RetrievedDecember 2,2020.[dead link]
- ^Gilchrist, Karen (December 9, 2018)."China's Cosco and Abu Dhabi Ports develop Khalifa to support Belt and Road initiative".CNBC.RetrievedDecember 2,2020.
- ^"China, Greece agree to push ahead with COSCO's Piraeus Port investment".Reuters.November 11, 2019.RetrievedDecember 2,2020.
- ^"COSCO Shipping proceed with 5G smart ports vision".Container News.May 12, 2020.RetrievedDecember 2,2020.
- ^Avery, Paul (14 May 2020).""Smart Port Enabled by 5G + Self-driving Technology" launched in Xiamen ".WorldCargo News.RetrievedDecember 2,2020.
- ^Pompeo, Michael (September 25, 2019)."The United States Imposes Sanctions on Chinese Companies for Transporting Iranian Oil"(Press release).US Department of State.Retrieved2020-12-02.
- ^Gillis, Chris (January 31, 2020)."US lifts sanctions against COSCO's tanker operation".American Shipper.RetrievedDecember 2,2020.
- ^"Cosco joins Alibaba to promote shipping blockchain".Global Cargo News. 8 July 2020. Archived fromthe originalon 18 August 2020.Retrieved8 July2020.
- ^Trung xa quốc tế 14 trăm triệu bán office building.Apple Daily(in Chinese (Hong Kong)). Hong Kong. 31 May 2005. Archived fromthe originalon 21 June 2021.Retrieved14 December2020.
- ^2007 Annual Report(PDF)(Report). COSCO International. 2008. p. 9.Retrieved14 December2020.
- ^"Cosco eyes China hotels management".South China Morning Post.Hong Kong. 12 April 1997.Retrieved14 December2020.
- ^"Lai Sun scraps float to sell units for $514m".South China Morning Post.Hong Kong. 11 March 1998.Retrieved14 December2020.
- ^"COSCO SHIPPING Lines and THREE STARS LTD racketeering exporters in Europe".Iustitia.bg.Bulgaria. 11 November 2023.Retrieved30 November2023.
- ^Trung xa quốc tế đem tất bán xa mà nghĩ 1 năm nội chấp hành liêu thu lợi 6.6 trăm triệu.Apple Daily(in Chinese (Hong Kong)). Hong Kong. 17 August 2010. Archived fromthe originalon 21 June 2021.Retrieved14 December2020.
- ^Trung xa minh xác rời khỏi địa ốc nghiệp vụ bảng giờ giấc.yicai(in Chinese (China)). 17 August 2010.Retrieved14 December2020.
- ^"Corporate Profile of China COSCO".Archived fromthe originalon 2008-05-02.Retrieved2008-03-29.
- ^"COSCO Group Listed Companies".Archived fromthe originalon 2015-02-17.Retrieved2022-01-01.
- ^"China COSCO returns to profit, avoids delisting risk | Reuters".Reuters.27 March 2014.Archivedfrom the original on 2015-09-24.Retrieved2017-06-30.
- ^"Major and Connected Transactions"(PDF).Hkexnews.hk.Retrieved2016-04-30.