COSCO headquarters in Beijing
|Successor||China COSCO Shipping|
|Founded||April 27, 1961|
China Ocean Shipping (Group) Company (Chinese: 中国远洋运输（集团）总公司), known as COSCO or COSCO Group, is a Chinese shipping and logistics services supplier company. It is a government-owned company of the People's Republic of China. Its headquarters is in Ocean Plaza in the Xicheng District in Beijing. It owns more than 130 vessels (with a capacity of 600,000 twenty-foot equivalent units (TEU)) and calls on over a thousand ports worldwide. It ranks sixth largest in number of container ships and ninth largest in aggregate container volume in the world. In 2012, it was among China's top 15 brands.
It is 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.
In February 2016, the COSCO Group merged with China Shipping Group to form China COSCO Shipping.
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. It owns and operates a fleet of around 550 vessels, with total carrying capacity of up to 30 million metric tons deadweight (DWT).
There are seven listed companies of COSCO:
- Hong Kong: COSCO Pacific Ltd.
- Hong Kong: COSCO International Holdings Ltd.
- Hong Kong: China International Marine Containers (Group) Co. Ltd. (H shares)
- Hong Kong: China COSCO Holdings Co. Ltd. (H shares)
- Shanghai: China COSCO Holdings Co. Ltd. (A shares)
- Shenzhen: China International Marine Containers (Group) Co. Ltd.
- Shenzhen: China International Marine Containers (Group) Co. Ltd. (B shares)
- Singapore: COSCO Corporation (Singapore) Limited
- Japan: Cosco SHIPPING Lines (Japan) Co., Ltd.
In April 2016 COSCO agreed to buy 51% of Piraeus Port Authority, 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.
Incidents and accidents
2009 Norway 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.
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. 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). 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).
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