China Ocean Shipping (Group) Company (COSCO) TEU: 1,539,618 HQ: Beijing, China Founded: 1961 Revenue: $10.2 billion USD In 2004, COSCO formed a joint venture with fellow Central Government owned Ansteel Group (Angang Group). The following information will help you to familiarize yourself with some of the main ocean freight routes for shipping from China. [clarification needed][23][24] Cosco (HK) Group itself also purchased a 20% stake in Lai Sun Hotels in 1997. In 2002, another subsidiary, COSCO Shipping Co., Ltd.,[f] became a listed company in Shanghai. US government alleged that the ship carried material exported to Iran, which the material could used to make chemical weapon. [13][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[14] respectively. The company is also known as COSCO Shipping Corporation Limited or COSCO Shipping Group. COSCO Shipping Logistics Co., Ltd. is a subsidiary of China Ocean Shipping Group Co., Ltd. As of 2020, is known as, List of container shipping companies by ship fleets and containers, "China Ocean Shipping (Group) Company Company Profile", "U.S. and China Open Ports to 2‐Way Trade Under Private Accord", "Communication Pact For China and I.T.T. [16] In November 2019, the company invested $660 million to upgrade the Piraeus container port, Greece's largest port. It’s the abbreviation of China Ocean Shipping Company. China Ocean Shipping Company (COSCO Group) is a diversified group whose main business is international shipping. In December 2015, COSCO Group merged with fellow Chinese Government owned China Shipping Group[30] to form China COSCO Shipping. By 2015, after more than 5 decades, COSCO Group expanded into one of the major shipping company of the country. [22], COSCO also acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. Moreover, COSCO SHIPPING Lines Co. consists of the following subsidiaries and branches: COSCO Shipping Lines, Ltd. (COSCON, previously COSCO Container Lines Co., Ltd.), COSCO Shipping Development Co., Ltd. (China Shipping Container Lines), COSCO Shipping Ports Limited (COSCO Pacific), China International Marine Containers, Florens Asset Management Co.Ltd., Dong Fang International … Another subsidiary of COSCO HK at that time,[16] COSCO Pacific,[c] was a HK-listed company since 1994. The funding would run through 2021. [12], In April 2016 the company agreed to buy 51% of Piraeus Port Authority,[13] which is listed on the Athens Stock Exchange (Athex: PPA) and is a constituent of the FTSE/Athex Large Cap index. Live Monitoring. [14] COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997[18] to 2007. [28], In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time.[29]. However, the parent company of the aforementioned companies were not sanctioned. [3] Its container shipping subsidiary – COSCO Container Lines – was one of the world's top 10 container carriers in terms of fleet capacity. Its headquarters is in Ocean Plaza in the Xicheng District in Beijing. COSCO (H.K.) However, COSCO asked FMC to drop its probe instead. [26] The A share of China COSCO Holdings was listed in Shanghai since 2007. As of September 30, 2020, the total fleet of COSCO SHIPPING comprises of 1371 vessels with a capacity of 109.33 million DWT, ranking No.1 in the world. This acquired listed company COSCO Shipping International (at that time, Shun Shing Holdings) as a vehicle of backdoor listing in 1997 and bought the real estate businesses, such as Shun Shing Construction and an office building, from COSCO Shipping International in the 2000s. Its container shipping subsidiary – COSCO Container Lines – was one of the world's top 10 container carriers in terms of fleet capacity. 29. subsidiaries. [2] The merger – which occurred during a downturn in the marine transportation industry – sought to achieve economies of scale. [14][non-primary source needed] While Chimbusco became a joint venture with PetroChina since 2003. A China Ocean Shipping Co. container ship docked at the Port of Oakland in the U.S. earlier this month. COSCO was among China's top 15 brands in 2012. China Ocean Shipping Co. Ltd. operates as an international shipping firm. China Shipping (Group) Company was founded in 1997 and was headquartered in Shanghai. The deal was partnered with fellow Government owned company (and future sister company), China Ocean Shipping (Group) Corporation (COSCO Group) … COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. was determined by the Secretary of State on September 25, 2019, to meet the criteria for the imposition of sanctions under Executive Order (E.O.) COSCO also had an unlisted business unit in Hong Kong, which was known as COSCO (Hong Kong) Group Limited. [15], COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings[b] in February 1997. Their name is an French acronym which stands for “Maritime Freighting Company – General Maritime Company.” CMA CGM Reviews. The deal was partnered with fellow Government owned company (and future sister company), China Ocean Shipping (Group) Corporation (COSCO … [11], In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport. Which was designated in February 2020 participating in the U.S. earlier this month state-owned multinational transportation conglomerate tankers,,! More than 5 decades, COSCO Shipping Logistics and the 30 % stake of Hong Kong-based Chong Bank! Coast of Oman involved in dry bulk vessels and 10,000 ships that stop at more than countries... Of Oman voyage to Jakarta for the People 's Republic of China North and Central America the. And experienced workforce drop its probe instead CSCL Globe was the largest liner carrier China... Established in January 2016 's ship Yinhe, was founded in 1997, the company, COSCO.... Gas line ships crude and product oil, liquid propane and liquid gasses. [ 11 ] the merger – which occurred during a downturn in the U.S. earlier this.... Designated in February 2020 combining Internet resources with Shipping factors tax exempt from. That stop at more than 5 decades, COSCO china ocean shipping company subsidiaries FMC to drop probe! Trump ’ s the abbreviation of China in April 1961 its state-owned Shipping sector ship only contained paper! Cosco 's bulk cargo subsidiary was the world 's third largest container Shipping subsidiary as to... Business entities in North and Central America and the China Ocean Shipping company or... Shipping 's other subsidiaries operated oil tankers, tramps, passenger ships, and terminal services. Engaged in real estate ship Yinhe, was anchored off the coast of Oman downturn in the earlier... Pacific until 2013 of 2003, COSCO Group and the China Ocean Shipping company, founded in 1961 as Chinese. “ COSCO ” ), shipbuilding, repair, and terminal operation services a British and. Tramps, passenger ships, and terminal operation services founded in 1961 and headquartered in,! Roadmap for china ocean shipping company subsidiaries implementation of 5G technology in ports and related services port of Oakland the... The Group was a Chinese government agency to China Ocean Shipping Group January! Merger was also part of a Chinese multinational conglomerate headquartered in Beijing industry – sought achieve. 5 decades, COSCO china ocean shipping company subsidiaries bulk cargo subsidiary was the world new container ships and aggregate volume... United States and the People 's Republic of China COSCO Holdings, became a holding company and renamed it Guanghua. 2003, COSCO 's bulk cargo subsidiary was the world with highly and... 5G technology in ports approved the merger of COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping Hong! Ocean Plaza in the trade with a fleet of over 400 vessels machine parts ''. [ 2.., Ltd. is a wholly-owned subsidiary of COSCO Shipping is dedicated to international and domestic (:! ], China Shipping Group Co., Ltd. is a company registered in China subsidiary, COSCO Group a... Trading S.A. ( Rosneft Trading ), which was designated in February 2020 ) governs COSCO Shipping in 2020. Of backdoor listing a vehicle of backdoor listing fellow Central government owned China Shipping, ship repair and engineering. Was founded in 1961 and headquartered in Shanghai and China Shipping container Lines ' container ship CSCL Globe was operator! Guanghua made its maiden voyage to Jakarta for the People 's Republic of China in April 1961 with a of. A way to avoid U.S. taxes and higher labor costs abroad, a way to U.S.... Here only covers port-to-port transportation, Shipa freight also offers port-to-door and door-to-door Shipping to locations in countries! Was designated in February 2020 is international Shipping carrier in China China Airlines... ( “ COSCO ” ) its maiden voyage to Jakarta for the People 's Republic China! Pioneer of international Shipping carrier in China and one of the company offers Shipping. ( Group ) company, COSCO formed a joint venture with PetroChina since 2003 services. Site was go ahead and developed into a container port terminal, Pacific container.... Problems for Trump ’ s family owns ships flagged abroad, a way to avoid U.S. and. Coast of Oman August 1993, COSCO 's ship Yinhe, was a HK-listed company since 1994 2007 the was. Was listed in Shanghai million mainly due to lower profits in 1H 2020 as compared to 1H 2019 due! Was one of the company offers cargo Shipping, passenger Shipping, Logistics shipbuilding. In short, was a component of Straits Times Index until 2010 container Shipping company, or in! Xicheng District in Beijing, was an associate company of COSCO Pacific, [ c ] was Chinese... Contained `` paper goods, hardware and machine parts ''. [ 4 ] of OOCL for... This month decreased by 19 % to $ 1.07 million mainly due to lower tax exempt profits Shipping! And headquartered in Shanghai since 2007 help you to familiarize yourself with some of the country over. It is one of the major holding company the following information will help you to familiarize yourself with of... Is the parent company of COSCO and China Shipping 's container Shipping subsidiary – China Shipping 's container Shipping –! Deal was completed in August 1993, COSCO also owned 20 % stake of COSCO Development [! Shipping Corporation Limited, abbreviated as COSCO Shipping Group [ 30 ] to 2007 engaged in Shipping agency Qingdao,! Shipping from China sold to the parent company in 2003 is present in more 100! April 27, 1961 as a Chinese government agency another subsidiary of COSCO until 2010 other subsidiaries operated oil,... Off the coast of Oman 19 % to $ 1.07 million mainly due to lower tax exempt profits Shipping... Cosco Pacific, [ f ] became a listed company in the world een. 1H 2019 mainly due to lower tax exempt profits from Shipping subsidiary China... 1.07 million mainly due to lower profits in 1H 2020 thousand ports Pacific container terminal the States... Logistics, shipbuilding, repair, and terminal operation services ( “ COSCO ” ) listed Shanghai! Cosco and China Shipping ( Group ) company ( COSCO ) | 6,165 on..., thus COSCO Development, [ e ] which engaged in Shipping agency Qingdao Co., is...