|Formerly||China Ocean Shipping (Group) Corporation|
|Founded||April 27, 1961|
|Fate||became a subsidiary|
|Successor||China COSCO Shipping|
|former short name|
China Ocean Shipping Company, Limited, formerly China Ocean Shipping (Group) Company,[a] commonly known for its abbreviated name COSCO Group, or simply, COSCO, is a former Chinese Government owned shipping and logistics services supplier company. It is one of the major holding company for China COSCO Shipping. China COSCO Shipping itself is formed by a merger of COSCO Group and China Shipping Group as one conglomerate, by a creation of a new common parent company of the two groups.
COSCO headquarters is in Ocean Plaza in the Xicheng District in Beijing. 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. The fleet calls at over a thousand ports worldwide. It ranks among the largest in both number of container ships and aggregate container volume in the world. In 2012, it was among China's top 15 brands.
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.
China Ocean Shipping Company (1961–1993)
China Ocean Shipping Company, or COSCO in short, was founded in 1961 as a Chinese government agency. In the same year a subsidiary is formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as Guanghua (Chinese: 光华). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961.
After US resumed the relation with China in the 1970s, China Ocean Shipping Company signed an agreement with American company Lykes Brothers Steamship Company in 1979. The agreement opens the commercial sea routes between the United States and the People's Republic of China. In the same year, COSCO became the Chinese side representative to collaborate with International Telephone and Telegraph on repairing the communication facilities in the coastal cities of China.
In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport.
China Ocean Shipping (Group) Company (1993–2015)
The company became a holding company and renamed as China Ocean Shipping (Group) Company in 1993.[non-primary source needed] Two other government owned companies, China Marine Bunker Supply Company (Chimbusco in short) and China Road Transport Company, which engaged in oil tanker and road transport businesses respectively, became the subsidiaries of the group in 1988 and 1992 respectively. China Road Transport Company was renamed into COSCO Logistics in 2001 (now part of COSCO Shipping Logistics). As of 2003, COSCO Logistics engaged in shipping agency, freight forwarding, third party logistics and supporting services.[non-primary source needed] While Chimbusco became a joint venture with PetroChina since 2003.
COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings[b] in February 1997. Hong Kong was a British colony until June 30, 1997, and became a special administrative region of China with a separate jurisdiction system since July 1. Another subsidiary of COSCO HK at that time, COSCO Pacific,[c] was a HK-listed company since 1994. COSCO Pacific has a joint venture with Hongkong International Terminals Limited, which operates a terminal in Kwai Tsing Container Terminals, Hong Kong since 1991. COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%. COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997 to 2007. In 2007 the stake was sold to the parent company, COSCO HK.
COSCO also acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. It became COSCO Development,[e] which engaged in real estate. The direct parent company of COSCO Development was sold in 2005, thus COSCO Development was no longer part of the COSCO Group. Also in 2005, COSCO Group acquired a company from COSCO Development. That company was the operator of Boao Forum for Asia.[non-primary source needed]
By 2015, after more than 5 decades, COSCO Group expanded into one of the major shipping company of the country. It also had a few listed subsidiaries: COSCO Pacific, COSCO International Holdings, China COSCO Holdings, China International Marine Containers, etc., . Real estate developer, Sino-Ocean Group, was an associate company of COSCO until 2010.
In December 2017, COSCO Group (China Ocean Shipping (Group) Company) was re-incorporated from "An industrial enterprise owned by the whole people" to simply a limited company. The name of the company, also changed to China Ocean Shipping Company, Limited (Chinese: 中国远洋运输有限公司).
COSCO contains several 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.
- China COSCO Holdings (SEHK: 1919; SSE: 601919) - flagship listed subsidiary, also known as "China COSCO" or "COSCO Holdings"
- COSCO International (SEHK: 517)
- COSCO Shipping Co., Ltd. (SSE:600428) - engaged in specialized carriers. COSCO owned 50.58% shares directly.
- COSCO Corporation (Singapore) (SGX:F83)
- Cosco SHIPPING Lines (Japan)
Moreover, China International Marine Containers is an associate company of the group, which COSCO indirectly owned 22.77% shares of that listed company as of December 2015. The stake was owned by COSCO Pacific until 2013.
COSCO also had an unlisted business unit in Hong Kong, which was known as COSCO (Hong Kong) Group Limited. COSCO (H.K.) Group was the direct parent company of COSCO Pacific (valid until December 2004) and COSCO International. COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific and COSCO International respectively in 2007.
COSCO was asked by the US Federal Maritime Commission (FMC) to submit information regarding Chinese Government restricting U.S.-flag carriers on doing business in China. However, COSCO asked FMC to drop its probe instead. FMC also investigated COSCO for its pricing behavior in 1997, but stating there is not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor.
In August 1993, COSCO's ship Yinhe, was anchored off the coast of Oman. US government alleged that the ship carried material exported to Iran, which could be used to make chemical weapons. While COSCO claimed that the ship only contained "paper goods, hardware and machine parts".
In 1997, Dianne Feinstein and Barbara Boxer, United States senators from California, had asked the Clinton administration to investigate COSCO's leasing on a former naval base in Long Beach. The site was go ahead and developed into a container port terminal, Pacific Container Terminal.
Incidents and accidents
2009 Norway oil spill
On 31 July 2009, the Panama-flagged bulk carrier, Full City, operated by COSCO Group's HK division, 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.
- COSCO fleet lists
- List of oil spills
- Shipping industry of China
- List of container shipping companies by ship fleets and containers
- Also transliterated as China Ocean Shipping (Group) Corporation
- After the acquisition, the listed company was known as COSCO International. As of 2020, is known as COSCO Shipping International (Hong Kong)
- As of 2020, the company is known as COSCO Shipping Ports
- As of 2020, the company is known as COSCO Shipping International (Singapore)
- COSCO Development and COSCO Shipping Development are not the same company. As of 2020, the listed company that formerly known as COSCO Development, is known as Shanghai Wanye Enterprises and no longer a real estate company
- COSCO Shipping Co., Ltd. and China COSCO Shipping are not the same company. China COSCO Shipping is the ultimate parent company of the group. After the 2015 merger, COSCO Shipping Co., Ltd. was renamed COSCO Shipping Specialized Carriers Co., Ltd.
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