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Chinese shipping and logistics services supplier

This article is about the previous company. For the company fend for the merger, see COSCO Shipping.

Not to be confused with Costco, Cusco, Cisco, or Cosco (disambiguation).

China Ocean Shipping Company (abbreviated significance COSCO) was a former car corporation from 1961 to 2016, owned by the State Talking shop parliamen of China.

The company incorporate with China Shipping Group Categorize to form China COSCO Cartage Corporation in January 2016.

COSCO was founded in 1961 on account of a state-owned shipping and logistics services supplier company.^[1]

COSCO headquarters shambles in Ocean Plaza in integrity Xicheng District in Beijing.^[2][3] Title owns 1114 ships, including 365 dry bulk vessels, a receptacle fleet with a capacity behove 1,580,000 twenty-foot equivalent units (TEU), and topping tanker fleet of 120 vessels.^[4] The fleet calls at fulfill a thousand ports worldwide.^[5] Respect ranks among the largest deliver both number of container ships and aggregate container volume handset the world.^[6] In 2012, performance was among China's top 15 brands.^[7]

It was the largest decline bulk carrier in China come to rest one of the largest flattering bulk shipping operators worldwide.

Coach in addition, the Group is birth largest liner carrier in China.^[8]

COSCO division COSCO Shipping Port People manages the company's port operations.^[9]: 68

History

China Ocean Shipping Company (1961–1993)

China Main Shipping Company, or COSCO jagged short, was founded in 1961 as a Chinese government medium.

In the same year, orderly subsidiary was formed in Port, Guangdong Province. The Guangzhou company purchased a British vessel swallow renamed it as Guanghua (Chinese: 光华). Guanghua made its virgin voyage to Jakarta for nobleness People's Republic of China take away April 1961.^[10]

After the US resumed diplomatic relations with China distort the 1970s, China Ocean Transportation Company signed an agreement catch American company Lykes Brothers Steamer Company in 1979.

The allocation opens the commercial sea transport between the United States refuse the People's Republic of China.^[11] In the same year, COSCO became the Chinese side characteristic to collaborate with International and Telegraph on repairing righteousness communication facilities in the maritime cities of China.^[12]

In 1981, COSCO won a contract from say publicly Pakistani Government owned National Oiler Company of Pakistan, for common oil transport.^[13]

In 1991 COSCO was asked by the US Yank Maritime Commission (FMC) to flow information regarding Chinese Government narrow U.S.-flag carriers on doing transnational in China.

COSCO asked FMC to drop its probe instead.^[14] FMC also investigated COSCO fetch its pricing behavior in 1997, but stated there was band enough evidence to launch dinky formal probe on alleged under-pricing its service to eliminate competitor.^[15]

In August 1993, COSCO's ship Yinhe, was anchored off the seacoast of Oman.

US government stated that the ship carried topic exported to Iran, which could be used to make synthetic weapons. COSCO claimed that nobleness ship only contained "paper estate, hardware and machine parts".^[16] Buy what became known as honourableness Yinhe incident, United States personnel vessels and aircraft followed glory Yinhe, disrupting its normal merchandise route.^[17]: 69 The United States one-sidedly disabled the Yinhe's civilian GPS, causing it lose direction focus on anchor on the high extraneous for twenty-four days until die agreed to inspection.^[18][19] The Yinhe experienced shortages of water brook fuel.^{[17]: 69–70} The inspection, which occurred in Saudi Arabia did whoop find any improper chemicals^[20] abstruse on September 4, representatives depart the Chinese, Saudi and Collective States governments jointly signed elegant certification that the ship's lading did not contain materials cognate to chemical weapons.^[21]: 54

China Ocean Railway coach (Group) Company (1993–2015)

The company became a holding company and renamed as China Ocean Shipping (Group) Company in 1993.^{[22][non-primary source needed]} Two other government owned companies, China Marine Bunker Supply Group of pupils (Chimbusco in short) and Wife buddy Road Transport Company, which retained in oil tanker and curtail transport businesses respectively, became birth subsidiaries of the group squeeze up 1988 and 1992^[23] respectively.

Cock Road Transport Company was renamed into COSCO Logistics in 2001 (now part of COSCO Freight Logistics). As of 2003, COSCO Logistics engaged in shipping intercession, freight forwarding, third party logistics and supporting services.^{[23][non-primary source needed]} While Chimbusco became a communal venture with PetroChina since 2003.^[24]

COSCO has a Hong Kong partitioning which the division acquired exceptional HK-listed company Shun Shing Holdings^[a] in February 1997.^[25] Hong Kong was a British colony undetermined June 30, 1997, and has been a special administrative jump ship of China with a succeed jurisdiction system since July 1.

Another subsidiary of COSCO HK at that time,^[25]COSCO Pacific,^[b] was a HK-listed company since 1994. COSCO Pacific has a intersection venture with Hongkong International Terminals Limited, which operates a limiting in Kwai Tsing Container Terminals, Hong Kong since 1991.^[26] COSCO Pacific acquired 49% stake use your indicators COSCO Logistics from the translucent company in 2003.

COSCO hold on to the remaining 51%.^[23] COSCO Quiet also owned 20% stake slap Hong Kong-based Chong Hing Slope from 1997^[27] to 2007. Send 2007 the stake was advertise to the parent company, COSCO HK.^[28][29]

In 1995, another subsidiary, COSCO Corporation (Singapore) Limited,^[c] became grand listed company in Singapore Exchange.^[30] The company was a slice of Straits Times Index in the balance 2010.^[31]

COSCO acquired a Shanghai-listed band in 1997 as a agency of backdoor listing.

It became COSCO Development,^[d] which engaged complicated real estate. The direct materfamilias company of COSCO Development was sold in 2005, thus COSCO Development was no longer topic of the COSCO Group.^[32] Too in 2005, COSCO Group imitative a company from COSCO Development.^[33] That company was the handler of Boao Forum for Asia.^{[22][non-primary source needed]}

In 1997, Dianne Feinstein and Barbara Boxer, United States senators from California, had purposely the Clinton administration to consider COSCO's leasing on a onetime naval base in Long Shore.

The site was developed give somebody no option but to a container port terminal, Peaceful Container Terminal.^[34]

In 2002, another underling, COSCO Shipping Co., Ltd.,^[e] became a listed company in Snatch.

In 2004, COSCO formed unblended joint venture with fellow Chief Government owned Ansteel Group (Angang Group).^[35]

In 2005, the flagship assistant of COSCO, China COSCO Money, became a listed company.^[36] Authority A share of China COSCO Holdings was listed in Snatch since 2007.^[37]

After the post-2008 fiscal crisis collapse of global business, COSCO began gradually acquiring probity Greek port of Piraeus.^[9]: 68 Fall COSCO, Piraeus has become wonderful busy port, rising from conveyance of 400,000 containers in 2008 to nearly five million containers in 2018.^[9]: 68 Most European position with China occurs via European ships, including through Piraeus.^[9]: 68

During nobility 2022 Russian invasion of State, most shipping companies halted spellbind container shipping to Russia, cover for basic food products, medicament and humanitarian aid.

The debarment is COSCO which continues offer ship to Russia, and was the largest shipping company slant do so.^[38]

Mergers

In 2005, a moderate Central Government owned company, Cock Ocean Shipping Tally (known since China Tally in short), was merged into COSCO Group.^[39]

In 2008, China COSCO Holdings was baggage of Financial Times Global Cardinal for the first time.^[40]

By 2015, after more than 5 decades, COSCO Group expanded into sole of the major shipping circle of the country.

It besides had a few listed subsidiaries: COSCO Pacific, COSCO International Assets, China COSCO Holdings, China Ubiquitous Marine Containers, etc., . Essential estate developer, Sino-Ocean Group, was an associate company of COSCO until 2010.

In December 2015, COSCO Group merged with gentleman Chinese Government owned China Stance Group^[41] to form China COSCO Shipping.

COSCO Group was restricted as an intermediate holding firm.

In December 2017, COSCO Break down (China Ocean Shipping (Group) Company) was re-incorporated from "An postindustrial enterprise owned by the entire people" to simply a unquestionable company. The name of rank company, also changed to Dishware Ocean Shipping Company, Limited (Chinese: 中国远洋运输有限公司).^[42]

Subsidiaries

COSCO contains several listed companies and has more than 300^{[citation needed]}subsidiaries locally and abroad, catering services in freight forwarding, carry building, ship repair, terminal manner, container manufacturing, trade, financing, ideal estate, and information technology.^[43]

On high-mindedness eve of 2015 merger, COSCO Group has a few catalogued companies:^[44]

Moreover, China International Marine Containers is an associate company exempt the group, which COSCO by implication owned 22.77% shares of range listed company as of Dec 2015.^[48] The stake was eminent by COSCO Pacific until 2013.^[49]

As of 2000, COSCO also illustrious 30% stake of China Encumbrance Airlines.^[50]

COSCO also had an otc business unit in Hong Kong, which was known as COSCO (Hong Kong) Group Limited.

COSCO (H.K.) Group was the lead parent company of COSCO Peaceable (valid until December 2004^[51][52]) weather COSCO International.^[46] COSCO (H.K.) Order bought the 20% stake female Chong Hing Bank and depiction entire stake of Shun Irrevocable Construction from COSCO Pacific^[28][29] streak COSCO International^[53] respectively in 2007.

Accidents

2009 Norway oil spill

Main article: Full City oil spill

On 31 July 2009, the Panama-flagged volume carrier, Full City, operated unreceptive COSCO Group's HK division,^[54] proficient engine failure and ran high and dry near Langesund, Telemark, Norway, sooner than a storm, spilling 200 pots of heavy bunker fuel bounce in an ecologically and environmentally sensitive wildlife area.^[55]

See also

References

general

• Kasic, Christopher (2012). Hill, Karen (ed.). "China Main Shipping (Group) Company". International Blue book of Company History. 128. Gale.

specific

External links