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, was a Chinese state-owned shipping and logistics services supplier company. Its 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 third 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. 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.
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.
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-share)
- 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.
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.
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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