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China Ocean Shipping Company (COSCO) was a former shipping corporation from 1961 to 2016, owned by the State Council of China. The company merged with China Shipping Group Company to form China COSCO Shipping Corporation in January 2016.
COSCO was founded in 1961 as a state-owned shipping and logistics services supplier company.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
COSCO headquarters is in Ocean Plaza in the Xicheng District in Beijing.<ref>"Contact Us Template:Webarchive." COSCO.</ref><ref>"Donation Template:Webarchive". COSCO. May 21, 2008.</ref> It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of Template:TEU, and a tanker fleet of 120 vessels.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The fleet calls at over a thousand ports worldwide.<ref>COSCO Group Template:Webarchive</ref> It ranks among the largest in both number of container ships and aggregate container volume in the world.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 2012, it was among China's top 15 brands.<ref name=JSTOR>Template:Cite journal</ref>
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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
COSCO division COSCO Shipping Port Company manages the company's port operations.<ref name=":Curtis&Klaus" />Template:Rp
HistoryEdit
China Ocean Shipping Company (1961–1993)Edit
China Ocean Shipping Company, or COSCO in short, was founded in 1961 as a Chinese government agency. In the same year, a subsidiary was formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as Guanghua (Template:Zh). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961.<ref>Template:Cite news</ref>
After the US resumed diplomatic relations 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.<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref>
In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport.<ref>Template:Cite news</ref>
In 1991 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. COSCO asked FMC to drop its probe instead.<ref>Template:Cite news</ref> FMC also investigated COSCO for its pricing behavior in 1997, but stated there was not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor.<ref>Template:Cite news</ref>
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. COSCO claimed that the ship only contained "paper goods, hardware and machine parts".<ref>Template:Cite news</ref> In what became known as the Yinhe incident, United States military vessels and aircraft followed the Yinhe, disrupting its normal travel route.<ref name=":2">Template:Cite journal</ref>Template:Rp The United States unilaterally disabled the Yinhe's civilian GPS, causing it lose direction and anchor on the high seas for twenty-four days until it agreed to inspection.<ref name=":0">Template:Cite book</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The Yinhe experienced shortages of water and fuel.<ref name=":2" />Template:Rp The inspection, which occurred in Saudi Arabia did not find any improper chemicals<ref name=":02">Template:Cite book</ref> and on September 4, representatives of the Chinese, Saudi and United States governments jointly signed a certification that the ship's cargo did not contain materials related to chemical weapons.<ref name=":1">Template:Cite book</ref>Template:Rp
China Ocean Shipping (Group) Company (1993–2015)Edit
The company became a holding company and renamed as China Ocean Shipping (Group) Company in 1993.<ref name=history>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>Template:Primary source inline 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<ref name=COSCOLogistics/> 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.<ref name=COSCOLogistics>Template:Cite press release</ref>Template:Primary source inline While Chimbusco became a joint venture with PetroChina since 2003.<ref>Template:Cite news</ref>
COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing HoldingsTemplate:Efn in February 1997.<ref name=ShunShing>Template:Cite news</ref> Hong Kong was a British colony until June 30, 1997, and has been a special administrative region of China with a separate jurisdiction system since July 1. Another subsidiary of COSCO HK at that time,<ref name=ShunShing/> COSCO Pacific,Template:Efn 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%.<ref name=COSCOLogistics/> COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997<ref>Template:Cite news</ref> to 2007. In 2007 the stake was sold to the parent company, COSCO HK.<ref name=bank1>Template:Cite news</ref><ref name=bank2>Template:Cite report</ref>
In 1995, another subsidiary, COSCO Corporation (Singapore) Limited,Template:Efn became a listed company in Singapore Exchange.<ref>Template:Cite news</ref> The company was a component of Straits Times Index until 2010.<ref>Template:Cite news</ref>
COSCO acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. It became COSCO Development,Template:Efn 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.<ref>Template:Cite news</ref> Also in 2005, COSCO Group acquired a company from COSCO Development.<ref>Template:Cite news</ref> That company was the operator of Boao Forum for Asia.<ref name=history/>Template:Primary source inline
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 developed into a container port terminal, Pacific Container Terminal.<ref>Template:Cite news</ref>
In 2002, another subsidiary, COSCO Shipping Co., Ltd.,Template:Efn became a listed company in Shanghai.
In 2004, COSCO formed a joint venture with fellow Central Government owned Ansteel Group (Angang Group).<ref>Template:Cite news</ref>
In 2005, the flagship subsidiary of COSCO, China COSCO Holdings, became a listed company.<ref>Template:Cite news</ref> The A share of China COSCO Holdings was listed in Shanghai since 2007.<ref>Template:Cite news</ref>
After the post-2008 financial crisis collapse of global shipping, COSCO began gradually acquiring the Greek port of Piraeus.<ref name=":Curtis&Klaus">Template:Cite book</ref>Template:Rp Under COSCO, Piraeus has become a busy port, rising from traffic of 400,000 containers in 2008 to nearly five million containers in 2018.<ref name=":Curtis&Klaus" />Template:Rp Most European trade with China occurs via Greek ships, including through Piraeus.<ref name=":Curtis&Klaus" />Template:Rp
During the 2022 Russian invasion of Ukraine, most shipping companies halted all container shipping to Russia, except for basic food products, medicine and humanitarian aid. The exception is COSCO which continues to ship to Russia, and was the largest shipping company to do so.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
MergersEdit
In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as China Tally in short), was merged into COSCO Group.<ref>Template:Cite press release</ref>
In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time.<ref>Template:Cite news</ref>
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 2015, COSCO Group merged with fellow Chinese Government owned China Shipping Group<ref>Template:Cite news</ref> to form China COSCO Shipping. COSCO Group was retained as an intermediate holding company.
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 (Template:Zh).<ref>Template:Cite press release</ref>
SubsidiariesEdit
COSCO contains several listed companies and has more than 300Template:Citation needed subsidiaries locally and abroad, providing services in freight forwarding, ship building, ship repair, terminal operation, container manufacturing, trade, financing, real estate, and information technology.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>
On the eve of 2015 merger, COSCO Group has a few listed companies:<ref>Template:Cite news</ref>
- China COSCO Holdings (SEHK: 1919; SSE: 601919) - flagship listed subsidiary, also known as "China COSCO" or "COSCO Holdings"
- COSCO Pacific (SEHK: 1199) - port operator and investor. Significantly (43.63%) owned by China COSCO Holdings as of 31 December 2015<ref>Template:Cite report</ref>
- COSCO International (SEHK: 517)<ref name=International2015AR/>
- COSCO Shipping Co., Ltd. (SSE:600428) - engaged in specialized carriers. COSCO owned 50.58% shares directly.<ref>Template:Cite report</ref>
- COSCO Corporation (Singapore) (SGX:F83)
- Cosco SHIPPING Lines (Japan) Template:Citation needed
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.<ref>Template:Cite report</ref> The stake was owned by COSCO Pacific until 2013.<ref>Template:Cite news</ref>
As of 2000, COSCO also owned 30% stake of China Cargo Airlines.<ref>Template:Cite news</ref>
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<ref>Template:Cite report</ref><ref>Template:Cite report</ref>) and COSCO International.<ref name=International2015AR>Template:Cite report</ref> COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific<ref name=bank1/><ref name=bank2/> and COSCO International<ref>Template:Cite report</ref> respectively in 2007.
AccidentsEdit
2009 Norway oil spillEdit
{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}}
On 31 July 2009, the Panama-flagged bulk carrier, Full City, operated by COSCO Group's HK division,<ref>Template:Cite news</ref> 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.<ref>Template:Cite news</ref>
See alsoEdit
- COSCO fleet lists
- List of oil spills
- Shipping industry of China
- List of container shipping companies by ship fleets and containers
- Chipolbrok
FootnotesEdit
ReferencesEdit
- general
- specific