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{{Short description|Chinese shipping and logistics services supplier}}
{{Short description|Chinese shipping and logistics services supplier}}{{About|the former company|the company after the merger|COSCO Shipping}}{{Distinguish|Costco|Cusco (disambiguation){{!}}Cusco|Cisco|Cosco (disambiguation)}}
{{Distinguish|text=[[Costco]]; [[Cosco (India) Limited]]; [[Cusco (disambiguation)]]; or Cosco, the regional subsidiary of [[Dorel Industries]]}}
{{Infobox company
{{Infobox company
| name = China Ocean Shipping Company, Limited
| name = China Ocean Shipping Company
| logo =
| logo =
| logo_upright = .7
| image =Costco Building, Beijing.jpg
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| image_caption = COSCO headquarters in Beijing
| image_size =250px
| native_name = 中国远洋运输有限公司
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| image_caption= COSCO headquarters in Beijing
| type = [[Subsidiary]]; [[state-owned enterprises of China|state-owned]]
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| type = [[subsidiary]]
| native_name_lang = zh-CN
| former_name = China Ocean Shipping (Group) Corporation
| former_name = China Ocean Shipping (Group) Corporation|
||fate = became a subsidiary
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| fate = became a subsidiary
|successor = [[China COSCO Shipping]]
| successor = [[China COSCO Shipping]]
| foundation = {{start date and age|1961|04|27}}
| foundation = {{start date and age|1961|04|27}}
| defunct = 2016
| defunct = 2016
| location_city = [[Xicheng District]], [[Beijing]]
| location_city = [[Xicheng, Beijing]]
| location_country = China
| location_country = China
| key_people =
| key_people =
| area_served = Worldwide
| area_served = Worldwide
| industry = [[Transportation]]
| industry = [[Transportation]]
| services = [[Freight forwarding]]<br/>[[Shipbuilding]]<br/>[[shipbuilding|Ship repairing]]<br/>[[container terminal|Terminal operations]]
| services = [[Freight forwarding]]<br/>[[Shipbuilding]]<br/>[[shipbuilding|Ship repairing]]<br/>[[container terminal|Terminal operations]]
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| operating_income =
| revenue = $44,655 millions <ref>https://fortune.com/company/china-cosco-shipping/global500/</ref>
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| net_income =
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| operating_income =
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| parent =
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| net_income =
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| divisions =
| assets = $125,906.4 millions <ref>https://fortune.com/company/china-cosco-shipping/global500/</ref>
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| subsid =
| equity = $28,202.6 millions <ref>https://fortune.com/company/china-cosco-shipping/global500/</ref>
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| owner =
| num_employees = 118,243 (2020) <ref>https://fortune.com/company/china-cosco-shipping/global500/</ref>
| homepage = [https://web.archive.org/web/20160303234827if_/http://www.cosco.com/?stc=1 cosco.com (archived)]
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| parent =
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| divisions =
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| subsid =
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| owner =
| slogan =
| homepage =
{{Chinese|child=yes|s=中国远洋运输有限公司|altname=former name|s2=中国远洋运输（集团）总公司|altname3=former short name|s3=中远集团}}
}}
}}
[[Image:Cosco Vancouver.jpg|thumb|260px|''COSCO Vancouver'']]
[[Image:Cosco Vancouver.jpg|thumb|260px|''COSCO Vancouver'']]
[[File:Cosco container train.jpeg|260px|thumbnail|right|COSCO 40 foot container]]
[[File:Cosco container train.jpeg|260px|thumbnail|right|COSCO 40 foot container]]
[[File:Heavy lift vessel Xiang Rui Kou (COSCO).jpg|thumb|260px|Semi-submersible [[Heavy-lift ship|heavy lift vessel]] ''Xiang Rui Kou'']]
[[File:Heavy lift vessel Xiang Rui Kou (COSCO).jpg|thumb|260px|Semi-submersible [[Heavy-lift ship|heavy lift vessel]] ''Xiang Rui Kou'']]
[[File:Επίσκεψη ΥΦΥΠΕΞ Δ. Κούρκουλα στην Κίνα (27-30 11 2012) (8223894065).jpg|thumbnail|260px|right|President of COSCO Group Capt. Wei Jiafu (left) meets with Deputy Foregin Minister of Greece, Dimitris Kourkoulas (right), 2012.]]
[[File:Επίσκεψη ΥΦΥΠΕΞ Δ. Κούρκουλα στην Κίνα (27-30 11 2012) (8223894065).jpg|thumbnail|260px|right|President of COSCO Group Capt. Wei Jiafu (left) meets with Deputy Foreign Minister of Greece, Dimitris Kourkoulas (right), 2012.]]

'''China Ocean Shipping Company, Limited''', formerly '''China Ocean Shipping (Group) Company''',{{efn|name=translation}} commonly known for its abbreviated name '''COSCO Group''', or simply, '''COSCO''', is a former [[State Council of the People's Republic of China|Chinese Government]] owned [[shipping]] and [[logistics]] services supplier company.<ref>{{cite web|url=https://www.bloomberg.com/quote/COSCZ:CH|title=China Ocean Shipping Group Co|publisher=Bloomberg|access-date=14 March 2013}}</ref> It is one of the major [[holding company]] for [[China COSCO Shipping]]. China COSCO Shipping itself is formed by a merger of COSCO Group and [[China Shipping Group]] as one conglomerate, by a creation of a new common parent company of the two groups.
'''China Ocean Shipping Company''' (abbreviated as '''COSCO''') was a former shipping corporation from 1961 to 2016, owned by the [[State Council of the People's Republic of China|State Council]] of China. The company merged with [[China Shipping Group|China Shipping Group Company]] to form [[COSCO Shipping|China COSCO Shipping Corporation]] in January 2016.

COSCO was founded in 1961 as a state-owned [[shipping]] and [[logistics]] services supplier company.<ref>{{cite web|url=https://www.bloomberg.com/quote/COSCZ:CH|title=China Ocean Shipping Group Co|publisher=Bloomberg|access-date=14 March 2013}}</ref>


COSCO headquarters is in Ocean Plaza in the [[Xicheng District]] in [[Beijing]].<ref>"[http://www.cosco.com/en/contactus.jsp Contact Us] {{webarchive|url=https://web.archive.org/web/20100130224346/http://www.cosco.com/en/contactus.jsp |date=2010-01-30 }}." COSCO.</ref><ref>"[http://www.cosco.com/pic/wenjian/CAPITAL_en.pdf Donation] {{webarchive|url=https://web.archive.org/web/20110727210042/http://www.cosco.com/pic/wenjian/CAPITAL_en.pdf |date=2011-07-27 }}". COSCO. May 21, 2008.</ref> It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of {{TEU|1,580,000|first=yes}}, and a tanker fleet of 120 vessels.<ref>{{cite web|url=http://en.coscoshipping.com/col/col6918/index.html|title=China Cosco Shipping Group Profile|access-date=4 August 2017}}</ref> The fleet calls at over a thousand ports worldwide.<ref>[http://www.cosco.com/45years/en/today1.htm COSCO Group<!-- Bot generated title -->] {{webarchive|url=https://web.archive.org/web/20080529080340/http://www.cosco.com/45years/en/today1.htm |date=2008-05-29 }}</ref> It ranks among the largest in both number of [[Containerization|container]] ships and aggregate container volume in the world.<ref>{{cite web | url=https://alphaliner.axsmarine.com/PublicTop100 | date=January 2019 | title=Alphaliner TOP 100 }}</ref> In 2012, it was among China's top 15 brands.<ref name=JSTOR>{{Cite journal|last=Dooley|first=Howard J.|jstor=23257908|title=The Great Leap Outward: China's Maritime Renaissance|journal=The Journal of East Asian Affairs|publisher=Institute for National Security Strategy|volume=26|issue=1|page=57|date=Spring–Summer 2012}}</ref>
COSCO headquarters is in Ocean Plaza in the [[Xicheng District]] in [[Beijing]].<ref>"[http://www.cosco.com/en/contactus.jsp Contact Us] {{webarchive|url=https://web.archive.org/web/20100130224346/http://www.cosco.com/en/contactus.jsp |date=2010-01-30 }}." COSCO.</ref><ref>"[http://www.cosco.com/pic/wenjian/CAPITAL_en.pdf Donation] {{webarchive|url=https://web.archive.org/web/20110727210042/http://www.cosco.com/pic/wenjian/CAPITAL_en.pdf |date=2011-07-27 }}". COSCO. May 21, 2008.</ref> It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of {{TEU|1,580,000|first=yes}}, and a tanker fleet of 120 vessels.<ref>{{cite web|url=http://en.coscoshipping.com/col/col6918/index.html|title=China Cosco Shipping Group Profile|access-date=4 August 2017}}</ref> The fleet calls at over a thousand ports worldwide.<ref>[http://www.cosco.com/45years/en/today1.htm COSCO Group<!-- Bot generated title -->] {{webarchive|url=https://web.archive.org/web/20080529080340/http://www.cosco.com/45years/en/today1.htm |date=2008-05-29 }}</ref> It ranks among the largest in both number of [[Containerization|container]] ships and aggregate container volume in the world.<ref>{{cite web | url=https://alphaliner.axsmarine.com/PublicTop100 | date=January 2019 | title=Alphaliner TOP 100 }}</ref> In 2012, it was among China's top 15 brands.<ref name=JSTOR>{{Cite journal|last=Dooley|first=Howard J.|jstor=23257908|title=The Great Leap Outward: China's Maritime Renaissance|journal=The Journal of East Asian Affairs|publisher=Institute for National Security Strategy|volume=26|issue=1|page=57|date=Spring–Summer 2012}}</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>{{cite web|url=http://biz.yahoo.com/ic/53/53316.html|title=China Ocean Shipping (Group) Company Company Profile |publisher=Yahoo Business|access-date=18 March 2013}}</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>{{cite web|url=http://biz.yahoo.com/ic/53/53316.html|title=China Ocean Shipping (Group) Company Company Profile |publisher=Yahoo Business|access-date=18 March 2013}}</ref>

COSCO division COSCO Shipping Port Company manages the company's port operations.<ref name=":Curtis&Klaus" />{{Rp|page=68}}


==History==
==History==
===China Ocean Shipping Company (1961–1993)===
===China Ocean Shipping Company (1961–1993)===
China Ocean Shipping Company, or COSCO in short, was founded in 1961 as a Chinese [[government agency]]. In the same year a subsidiary is formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as ''Guanghua'' ({{zh|s=光华}}). ''Guanghua'' made its maiden voyage to Jakarta for the People's Republic of China in April 1961.<ref>{{cite news|url=http://sh.people.com.cn/n/2014/0428/c167985-21096534.html|script-title=zh:从“光华轮”到“中远荷兰轮”|date=April 28, 2014|access-date=December 13, 2020|website=people.com.cn|agency=[[Xinhua News Agency]]|language=zh-cn}}</ref>
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'' ({{zh|s=光华}}). ''Guanghua'' made its maiden voyage to Jakarta for the People's Republic of China in April 1961.<ref>{{cite news|url=http://sh.people.com.cn/n/2014/0428/c167985-21096534.html|script-title=zh:从“光华轮”到“中远荷兰轮”|date=April 28, 2014|access-date=December 13, 2020|website=people.com.cn|agency=[[Xinhua News Agency]]|language=zh-cn}}</ref>


After US resumed [[Joint Communiqué on the Establishment of Diplomatic Relations|the relation 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>{{cite news|url=https://www.nytimes.com/1979/02/24/archives/us-and-china-open-ports-to-2way-trade-under-private-accord-usjapan.html|title=U.S. and China Open Ports to 2‐Way Trade Under Private Accord|date=February 24, 1979|access-date=December 19, 2020|newspaper=The New York Times}}</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>{{cite news|url=https://www.nytimes.com/1979/08/07/archives/communication-pact-for-china-and-itt.html|title=Communication Pact For China and I.T.T.|date=August 7, 1979|access-date=December 19, 2020|newspaper=The New York Times}}</ref>
After the US [[Joint Communiqué on the Establishment of Diplomatic Relations|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>{{cite news|url=https://www.nytimes.com/1979/02/24/archives/us-and-china-open-ports-to-2way-trade-under-private-accord-usjapan.html|title=U.S. and China Open Ports to 2-Way Trade Under Private Accord|date=February 24, 1979|access-date=December 19, 2020|newspaper=The New York Times}}</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>{{cite news|url=https://www.nytimes.com/1979/08/07/archives/communication-pact-for-china-and-itt.html|title=Communication Pact For China and I.T.T.|date=August 7, 1979|access-date=December 19, 2020|newspaper=The New York Times}}</ref>


In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport.<ref>{{cite news|url=https://www.nytimes.com/1981/07/09/business/pakistan-china-oil-deal.html|title=Pakistan-China Oil Deal|date=July 9, 1981|access-date=December 19, 2020|agency=AP|newspaper=The New York Times}}</ref>
In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport.<ref>{{cite news|url=https://www.nytimes.com/1981/07/09/business/pakistan-china-oil-deal.html|title=Pakistan-China Oil Deal|date=July 9, 1981|access-date=December 19, 2020|agency=AP|newspaper=The New York Times}}</ref>

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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>{{cite news |date=May 20, 1991 |title=COSCO HITS FMC INVESTIGATION OF CHINA'S MARITIME PRACTICES |url=https://www.joc.com/maritime-news/cosco-hits-fmc-investigation-chinas-maritime-practices_19910520.html |access-date=December 19, 2010 |website=joc.com}}</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>{{cite news |date=June 22, 1997 |title=COSCO UNDER A MICROSCOPE |url=https://www.joc.com/cosco-under-microscope_19970622.html |access-date=December 19, 2010 |website=joc.com}}</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>{{cite news |date=August 15, 1993 |title=China Says Cargo Ship Will Anchor Off Oman |url=https://www.nytimes.com/1993/08/15/world/china-says-cargo-ship-will-anchor-off-oman.html |url-access=limited |access-date=December 19, 2020 |newspaper=The New York Times |agency=Reuters}}</ref> In what became known as the [[Yinhe incident|''Yinhe'' incident]], United States military vessels and aircraft followed the ''Yinhe,'' disrupting its normal travel route.<ref name=":2">{{Cite journal |last1=Cheng |first1=Joseph Y.S. |last2=Ngok |first2=King-Lun |date=2004 |title=The 2001 "Spy" Plane Incident Revisited: the Chinese Perspective |url=https://dx.doi.org/10.1007/BF02876957 |journal=Journal of Chinese Political Science |volume=9 |issue=1 |pages=63–83 |doi=10.1007/BF02876957 |s2cid=153665643}}</ref>{{Rp|page=69}} The United States unilaterally disabled the ''Yinhe''<nowiki/>'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">{{Cite book |last=Zhao |first=Suisheng |url= |title=The Dragon Roars Back: Transformational Leaders and Dynamics of Chinese Foreign Policy |date=2023 |publisher=[[Stanford University Press]] |isbn=978-1-5036-3415-2 |pages=63 |doi=10.1515/9781503634152}}</ref><ref>{{Cite web |date=2020-07-03 |title=The Big Dipper: China's Rival to GPS Becomes an Investment Star |url=https://www.weekinchina.com/2020/07/the-big-dipper-2/ |access-date=2023-06-30 |website=Week In China |language=en-US}}</ref> The ''Yinhe'' experienced shortages of water and fuel.<ref name=":2" />{{Rp|pages=69-70}} The inspection, which occurred in Saudi Arabia did not find any improper chemicals<ref name=":02">{{Cite book |last=Zhao |first=Suisheng |url= |title=The Dragon Roars Back: Transformational Leaders and Dynamics of Chinese Foreign Policy |date=2023 |publisher=[[Stanford University Press]] |isbn=978-1-5036-3415-2 |pages=63 |doi=10.1515/9781503634152}}</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">{{Cite book |last=He |first=Kai |title=China's Crisis Behavior: Political Survival and Foreign Policy after the Cold War |date=2016 |publisher=[[Cambridge University Press]] |isbn=978-1-107-14198-8 |location=Cambridge}}</ref>{{Rp|page=54}}


===China Ocean Shipping (Group) Company (1993–2015)===
===China Ocean Shipping (Group) Company (1993–2015)===
The company became a [[holding company]] and renamed as China Ocean Shipping (Group) Company in 1993.<ref name=history>{{cite web|url=http://www.coscoshipping.com/col/col6862/index.html|script-title=zh:发展沿革|trans-title=Company History|access-date=December 19, 2020|publisher=COSCO Shipping|language=zh-cn}}</ref>{{primary source inline|date=December 2020}} 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>{{cite press release|url=https://doc.irasia.com/listco/hk/coscoship/circulars/c031013.pdf|title=Connected Transaction|date=October 13, 2003|access-date=December 19, 2020|publisher=COSCO Pacific|pages=6–8}}</ref>{{primary source inline|date=December 2020}} While Chimbusco became a joint venture with [[PetroChina]] since 2003.<ref>{{cite news|url=https://www.tradewindsnews.com/daily/petrochina-inks-chimbusco-stake/1-1-78839|title=PetroChina inks Chimbusco stake|date=March 11, 2003|access-date=December 19, 2020|website=tradewindsnews.com|url-access=limited}}</ref>
The company became a [[holding company]] and renamed as China Ocean Shipping (Group) Company in 1993.<ref name=history>{{cite web|url=http://www.coscoshipping.com/col/col6862/index.html|script-title=zh:发展沿革|trans-title=Company History|access-date=December 19, 2020|publisher=COSCO Shipping|language=zh-cn}}</ref>{{primary source inline|date=December 2020}} 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>{{cite press release|url=https://doc.irasia.com/listco/hk/coscoship/circulars/c031013.pdf|title=Connected Transaction|date=October 13, 2003|access-date=December 19, 2020|publisher=COSCO Pacific|pages=6–8}}</ref>{{primary source inline|date=December 2020}} While Chimbusco became a joint venture with [[PetroChina]] since 2003.<ref>{{cite news|url=https://www.tradewindsnews.com/daily/petrochina-inks-chimbusco-stake/1-1-78839|title=PetroChina inks Chimbusco stake|date=March 11, 2003|access-date=December 19, 2020|website=tradewindsnews.com|url-access=limited}}</ref>


COSCO has a Hong Kong division which the division acquired a HK-listed company [[Shun Shing Holdings]]{{efn|name=COSCOInternational}} in February 1997.<ref name=ShunShing>{{cite news|url=https://www.scmp.com/article/186511/shun-shing-set-takeover-cosco-nets-61pc|title=Shun Shing set for takeover as Cosco nets 61pc|date=February 28, 1997|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}</ref> Hong Kong was a British colony until June 30, 1997 and became 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]],{{efn|name=COSCOPacific}} 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>{{cite web|url=https://www.hit.com.hk/en/About-Hit/Milestones.html|title=Milestones|date=2020|access-date=14 December 2020|publisher=Hongkong International Terminals}}</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>{{cite news|url=https://www.wsj.com/articles/SB869000250345617000|title=Cosco Pacific Buys 20% Of Liu Chong Hing Bank|date=July 16, 1997|access-date=December 19, 2020|newspaper=The Wall Street Journal|url-access=limited}}</ref> to 2007. In 2007 the stake was sold to the parent company, COSCO HK.<ref name=bank1>{{cite news|url=https://www.scmp.com/article/605415/cosco-pacific-sell-20pc-stake-chong-hing|title=Cosco Pacific to sell 20pc stake in Chong Hing|date=August 25, 2007|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}</ref><ref name=bank2>{{cite report|url=http://www.chbank.com/en/pdf/2008/chbank_annual_report_2008_eng.pdf|title=Annual Report 2008|date=2009|access-date=December 19, 2020|publisher=Chong Hing Bank}}</ref>
COSCO has a Hong Kong division which the division acquired a HK-listed company [[Shun Shing Holdings]]{{efn|name=COSCOInternational}} in February 1997.<ref name=ShunShing>{{cite news|url=https://www.scmp.com/article/186511/shun-shing-set-takeover-cosco-nets-61pc|title=Shun Shing set for takeover as Cosco nets 61pc|date=February 28, 1997|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}</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]],{{efn|name=COSCOPacific}} 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>{{cite web|url=https://www.hit.com.hk/en/About-Hit/Milestones.html|title=Milestones|date=2020|access-date=14 December 2020|publisher=Hongkong International Terminals}}</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>{{cite news|url=https://www.wsj.com/articles/SB869000250345617000|title=Cosco Pacific Buys 20% Of Liu Chong Hing Bank|date=July 16, 1997|access-date=December 19, 2020|newspaper=The Wall Street Journal|url-access=limited}}</ref> to 2007. In 2007 the stake was sold to the parent company, COSCO HK.<ref name=bank1>{{cite news|url=https://www.scmp.com/article/605415/cosco-pacific-sell-20pc-stake-chong-hing|title=Cosco Pacific to sell 20pc stake in Chong Hing|date=August 25, 2007|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}</ref><ref name=bank2>{{cite report|url=http://www.chbank.com/en/pdf/2008/chbank_annual_report_2008_eng.pdf|title=Annual Report 2008|date=2009|access-date=December 19, 2020|publisher=Chong Hing Bank}}</ref>


In 1995, another subsidiary, COSCO Corporation (Singapore) Limited,{{efn|name=SG}} became a listed company in Singapore Exchange.<ref>{{cite news|url=http://www.gmw.cn/01gmrb/1998-10/26/GB/17857%5EGM6-2625.HTM|script-title=zh:面对经济全球化 中远打出创新牌|newspaper=Guangming Daily|date=October 26, 1998|access-date=December 19, 2020|language=zh-cn}}</ref> The company was a component of [[Straits Times Index]] until 2010.<ref>{{cite news|url=https://www.seatrade-maritime.com/asia/cosco-corp-replaced-captiamalls-asia-straits-times-index|title=Cosco Corp replaced by CaptiaMalls Asia on Straits Times Index|date=March 15, 2010|access-date=December 19, 2020|website=seatrade-maritime.com}}</ref>
In 1995, another subsidiary, COSCO Corporation (Singapore) Limited,{{efn|name=SG}} became a listed company in Singapore Exchange.<ref>{{cite news|url=http://www.gmw.cn/01gmrb/1998-10/26/GB/17857%5EGM6-2625.HTM|script-title=zh:面对经济全球化 中远打出创新牌|newspaper=Guangming Daily|date=October 26, 1998|access-date=December 19, 2020|language=zh-cn}}</ref> The company was a component of [[Straits Times Index]] until 2010.<ref>{{cite news|url=https://www.seatrade-maritime.com/asia/cosco-corp-replaced-captiamalls-asia-straits-times-index|title=Cosco Corp replaced by CaptiaMalls Asia on Straits Times Index|date=March 15, 2010|access-date=December 19, 2020|website=seatrade-maritime.com}}</ref>


COSCO also acquired a [[Shanghai Stock Exchange|Shanghai]]-listed company in 1997 as a vehicle of [[backdoor listing]]. It became [[COSCO Development]],{{efn|name=Development}} 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>{{cite news|url=https://business.sohu.com/20060315/n242303592.shtml|script-title=zh:三林集团力挺中远发展地产业务|date=March 15, 2006|access-date=December 19, 2020|newspaper=China Securities Journal| language=zh-cn|via=Sohu news portal}}</ref> Also in 2005, COSCO Group acquired a company from COSCO Development.<ref>{{cite news|url=https://business.sohu.com/20050613/n225917304.shtml|script-title=zh:中远发展向中远集团转让资产|date=June 13, 2005|access-date=December 19, 2020|newspaper=Shanghai Securities News|language=zh-cn|via=Sohu}}</ref> That company was the operator of [[Boao Forum for Asia]].<ref name=history/>{{primary source inline|date=December 2020}}
COSCO acquired a [[Shanghai Stock Exchange|Shanghai]]-listed company in 1997 as a vehicle of [[backdoor listing]]. It became [[COSCO Development]],{{efn|name=Development}} 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>{{cite news|url=https://business.sohu.com/20060315/n242303592.shtml|script-title=zh:三林集团力挺中远发展地产业务|date=March 15, 2006|access-date=December 19, 2020|newspaper=China Securities Journal| language=zh-cn|via=Sohu news portal}}</ref> Also in 2005, COSCO Group acquired a company from COSCO Development.<ref>{{cite news|url=https://business.sohu.com/20050613/n225917304.shtml|script-title=zh:中远发展向中远集团转让资产|date=June 13, 2005|access-date=December 19, 2020|newspaper=Shanghai Securities News|language=zh-cn|via=Sohu}}</ref> That company was the operator of [[Boao Forum for Asia]].<ref name=history/>{{primary source inline|date=December 2020}}

⚫
In 1997, [[Dianne Feinstein]] and [[Barbara Boxer]], United States senators from California, had asked the [[Clinton administration]] to investigate COSCO's leasing on [[Long Beach Naval Shipyard|a former naval base]] in Long Beach. The site was developed into a container port terminal, Pacific Container Terminal.<ref>{{cite news |date=March 13, 1997 |title=Senators Ask for Inquiry on Leasing of California Base to Chinese |url=https://www.nytimes.com/1997/03/13/us/senators-ask-for-inquiry-on-leasing-of-california-base-to-chinese.html |url-access=limited |access-date=December 19, 2020 |newspaper=The New York Times |agency=Reuters}}</ref>


In 2002, another subsidiary, [[COSCO Shipping Specialized Carriers|COSCO Shipping Co., Ltd.]],{{efn|name=specialized}} became a listed company in Shanghai.
In 2002, another subsidiary, [[COSCO Shipping Specialized Carriers|COSCO Shipping Co., Ltd.]],{{efn|name=specialized}} became a listed company in Shanghai.
Line 66: Line 71:
In 2005, the flagship subsidiary of COSCO, [[China COSCO Holdings]], became a listed company.<ref>{{cite news|url=https://www.scmp.com/article/511329/candidates-buoyed-successful-run-ipos|title=Candidates buoyed by successful run of IPOs
In 2005, the flagship subsidiary of COSCO, [[China COSCO Holdings]], became a listed company.<ref>{{cite news|url=https://www.scmp.com/article/511329/candidates-buoyed-successful-run-ipos|title=Candidates buoyed by successful run of IPOs
|date=August 8, 2005|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}</ref> The [[A share (mainland China)|A share]] of China COSCO Holdings was listed in Shanghai since 2007.<ref>{{cite news|url=https://www.scmp.com/article/597452/shipping-giants-share-ipo-raises-15b-yuan|title=Shipping giant's A-share IPO raises 15b yuan|date=30 June 2007|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong|first=Denise|last=Tsang}}</ref>
|date=August 8, 2005|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}</ref> The [[A share (mainland China)|A share]] of China COSCO Holdings was listed in Shanghai since 2007.<ref>{{cite news|url=https://www.scmp.com/article/597452/shipping-giants-share-ipo-raises-15b-yuan|title=Shipping giant's A-share IPO raises 15b yuan|date=30 June 2007|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong|first=Denise|last=Tsang}}</ref>

After the post-[[2007–2008 financial crisis|2008 financial crisis]] collapse of global shipping, COSCO began gradually acquiring the Greek port of [[Piraeus]].<ref name=":Curtis&Klaus">{{Cite book |last1=Curtis |first1=Simon |title=The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order |last2=Klaus |first2=Ian |publisher=[[Yale University Press]] |isbn=9780300266900 |location=New Haven and London |publication-date=2024}}</ref>{{Rp|page=68}} 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" />{{Rp|page=68}} Most European trade with China occurs via Greek ships, including through Piraeus.<ref name=":Curtis&Klaus" />{{Rp|page=68}}

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>{{Cite web |title=World's Largest Container Lines Shun Russian Ports |url=https://www.maritime-executive.com/article/world-s-largest-container-lines-shun-russian-ports |access-date=2022-03-06 |website=The Maritime Executive |language=en}}</ref>


===Mergers===
===Mergers===
In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as [[China Tally]] in short), was merged into COSCO Group.<ref>{{cite press release|url=http://www.sasac.gov.cn/n2588035/n2641579/n2641660/c3753761/content.html|script-title=zh:关于中国远洋运输（集团）总公司与中国外轮理货总公司重组的通报|date=March 7, 2005|access-date=December 19, 2020|publisher=企业改革局 of the SASAC of the State Council|language=zh-cn}}</ref>
In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as [[China Tally]] in short), was merged into COSCO Group.<ref>{{cite press release|url=http://www.sasac.gov.cn/n2588035/n2641579/n2641660/c3753761/content.html|script-title=zh:关于中国远洋运输（集团）总公司与中国外轮理货总公司重组的通报|date=March 7, 2005|access-date=December 19, 2020|publisher=企业改革局 of the SASAC of the State Council|language=zh-cn|archive-date=January 31, 2023|archive-url=https://web.archive.org/web/20230131003740/http://www.sasac.gov.cn/n2588035/n2641579/n2641660/c3753761/content.html|url-status=dead}}</ref>


In 2008, China COSCO Holdings was part of [[Financial Times Global 500]] for the first time.<ref>{{cite news|url=http://news.sina.com.cn/c/2008-07-29/083614234058s.shtml|script-title=zh:国酒茅台上榜全球市值前500强|date=July 29, 2008|access-date=December 19, 2020|newspaper=贵州都市报|via=Sina news portal|language=zh-cn}}</ref>
In 2008, China COSCO Holdings was part of [[Financial Times Global 500]] for the first time.<ref>{{cite news|url=http://news.sina.com.cn/c/2008-07-29/083614234058s.shtml|script-title=zh:国酒茅台上榜全球市值前500强|date=July 29, 2008|access-date=December 19, 2020|newspaper=贵州都市报|via=Sina news portal|language=zh-cn}}</ref>
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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>{{cite report|chapter-url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/04ar.pdf|title=2004 Annual Report|chapter=Report of the directors|date=2005|access-date=20 December 2020|publisher=COSCO Pacific|pages=90–91}}</ref><ref>{{cite report|url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/05ar.pdf|title=2005 Annual Report|date=2006|access-date=20 December 2020|publisher=COSCO Pacific}}</ref>) and [[COSCO International]].<ref name=International2015AR>{{cite report|chapter-url=http://hk.coscoshipping.com/media/1172/2015-ar-eng.pdf|title=2015 Annual Report|chapter=Directors' Report|date=2016|access-date=20 December 2020|publisher=COSCO International|page=114 }}</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>{{cite report|url=http://hk.coscoshipping.com/media/1139/ar-2007-final-english-25-4-2008.pdf|title=2007 Annual Report|date=2008|access-date=14 December 2020|publisher=COSCO International|page=9 }}</ref> respectively in 2007.
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>{{cite report|chapter-url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/04ar.pdf|title=2004 Annual Report|chapter=Report of the directors|date=2005|access-date=20 December 2020|publisher=COSCO Pacific|pages=90–91}}</ref><ref>{{cite report|url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/05ar.pdf|title=2005 Annual Report|date=2006|access-date=20 December 2020|publisher=COSCO Pacific}}</ref>) and [[COSCO International]].<ref name=International2015AR>{{cite report|chapter-url=http://hk.coscoshipping.com/media/1172/2015-ar-eng.pdf|title=2015 Annual Report|chapter=Directors' Report|date=2016|access-date=20 December 2020|publisher=COSCO International|page=114 }}</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>{{cite report|url=http://hk.coscoshipping.com/media/1139/ar-2007-final-english-25-4-2008.pdf|title=2007 Annual Report|date=2008|access-date=14 December 2020|publisher=COSCO International|page=9 }}</ref> respectively in 2007.


==Controversies==
==Accidents==
⚫
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. However, COSCO asked FMC to drop its probe instead.<ref>{{cite news|url=https://www.joc.com/maritime-news/cosco-hits-fmc-investigation-chinas-maritime-practices_19910520.html|title=COSCO HITS FMC INVESTIGATION OF CHINA'S MARITIME PRACTICES|date=May 20, 1991|access-date=December 19, 2010|website=joc.com}}</ref> FMC also investigated COSCO for its pricing behavior in 1997, but stating there is not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor.<ref>{{cite news|url=https://www.joc.com/cosco-under-microscope_19970622.html|title=COSCO UNDER A MICROSCOPE|date=June 22, 1997 |access-date=December 19, 2010|website=joc.com}}</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 the material could used to make chemical weapon. While COSCO claimed that the ship only contained "paper goods, hardware and machine parts".<ref>{{cite news|url=https://www.nytimes.com/1993/08/15/world/china-says-cargo-ship-will-anchor-off-oman.html|title=China Says Cargo Ship Will Anchor Off Oman|date=August 15, 1993|access-date=December 19, 2020|agency=Reuters|newspaper=The New York Times|url-access=limited}}</ref>

⚫
In 1997, [[Dianne Feinstein]] and [[Barbara Boxer]], United States Senators from California, had asked the President Clinton Administration to investigate COSCO's leasing on [[Long Beach Naval Shipyard|a former naval base]] in Long Beach.<ref>{{cite news|url=https://www.nytimes.com/1997/03/13/us/senators-ask-for-inquiry-on-leasing-of-california-base-to-chinese.html|title=Senators Ask for Inquiry on Leasing of California Base to Chinese|date=March 13, 1997|access-date=December 19, 2020|agency=Reuters|newspaper=The New York Times|url-access=limited}}</ref> The site was go ahead and developed into a container port terminal, Pacific Container Terminal.

==Incidents and accidents==


=== 2009 Norway oil spill ===
=== 2009 Norway oil spill ===
{{Main|Full City oil spill}}
{{Main|Full City oil spill}}

On 31 July 2009, the [[Panama]]-flagged [[bulk carrier]], ''[[Full City]]'', operated by COSCO Group's HK division,<ref>{{cite news|url=https://www.tradewindsnews.com/weekly/cosco-hk-is-named-as-owner-behind-full-city/1-1-219193|title=Cosco HK is named as owner behind 'Full City'|date=20 August 2009|access-date=20 December 2020|website=tradewindsnews.com|url-access=limited}}</ref> experienced engine failure and ran aground near [[Langesund]], [[Telemark]], [[Norway]], during a storm, spilling 200 tons of [[fuel oil|heavy bunker fuel oil]] in an ecologically and environmentally sensitive wildlife area.<ref>{{cite news | author=Wojciech Moskwa | title=Norway police charge ship captain after fuel spill | url=https://www.reuters.com/article/latestCrisis/idUSL391060 | work=Reuters | date=3 August 2009| access-date=16 May 2010}}</ref>
On 31 July 2009, the [[Panama]]-flagged [[bulk carrier]], ''[[Full City]]'', operated by COSCO Group's HK division,<ref>{{cite news|url=https://www.tradewindsnews.com/weekly/cosco-hk-is-named-as-owner-behind-full-city/1-1-219193|title=Cosco HK is named as owner behind 'Full City'|date=20 August 2009|access-date=20 December 2020|website=tradewindsnews.com|url-access=limited}}</ref> experienced engine failure and ran aground near [[Langesund]], [[Telemark]], [[Norway]], during a storm, spilling 200 tons of [[fuel oil|heavy bunker fuel oil]] in an ecologically and environmentally sensitive wildlife area.<ref>{{cite news | author=Wojciech Moskwa | title=Norway police charge ship captain after fuel spill | url=https://www.reuters.com/article/latestCrisis/idUSL391060 | work=Reuters | date=3 August 2009| access-date=16 May 2010}}</ref>


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==Footnotes==
==Footnotes==
{{notelist|refs=
{{notelist|refs=
{{efn|name=translation|Also transliterated as '''China Ocean Shipping (Group) Corporation'''}}
{{efn|name=COSCOPacific|As of 2020, the company is known as [[COSCO Shipping Ports]]}}
{{efn|name=COSCOPacific|As of 2020, the company is known as [[COSCO Shipping Ports]]}}
{{efn|name=COSCOInternational|After the acquisition, the listed company was known as COSCO International. As of 2020, is known as [[COSCO Shipping International]] (Hong Kong)}}
{{efn|name=COSCOInternational|After the acquisition, the listed company was known as COSCO International. As of 2020, is known as [[COSCO Shipping International]] (Hong Kong)}}
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[[Category:Transport companies established in 1961]]
[[Category:Transport companies established in 1961]]
[[Category:Conglomerate companies of China]]
[[Category:Conglomerate companies of China]]
[[Category:Container shipping companies]]
[[Category:Crane manufacturers]]
[[Category:Crane manufacturers]]
[[Category:Government-owned companies of China]]
[[Category:Defunct government-owned companies of China]]
[[Category:Shipping companies of China]]
[[Category:Shipping companies of China]]
[[Category:Port operating companies]]
[[Category:Port operating companies]]

Latest revision as of 18:51, 16 November 2024

This article is about the former company. For the company after the merger, see COSCO Shipping.
Not to be confused with Costco, Cusco, Cisco, or Cosco (disambiguation).
China Ocean Shipping Company
Native name
中国远洋运输有限公司
FormerlyChina Ocean Shipping (Group) Corporation
Company typeSubsidiary; state-owned
IndustryTransportation
FoundedApril 27, 1961; 63 years ago (1961-04-27)
Defunct2016
Fatebecame a subsidiary
SuccessorChina COSCO Shipping
Headquarters
Xicheng, Beijing
,
China
Area served
Worldwide
ServicesFreight forwarding
Shipbuilding
Ship repairing
Terminal operations
Websitecosco.com (archived)
COSCO Vancouver
COSCO 40 foot container
Semi-submersible heavy lift vessel Xiang Rui Kou
President of COSCO Group Capt. Wei Jiafu (left) meets with Deputy Foreign Minister of Greece, Dimitris Kourkoulas (right), 2012.

China Ocean Shipping Company (abbreviated as 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.[1]

COSCO headquarters is in Ocean Plaza in the Xicheng District in Beijing.[2][3] 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.[4] The fleet calls at over a thousand ports worldwide.[5] It ranks among the largest in both number of container ships and aggregate container volume in the world.[6] In 2012, it was among China's top 15 brands.[7]

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.[8]

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

History

[edit]

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 (Chinese: 光华). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961.[10]

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.[11] 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.[12]

In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport.[13]

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.[14] 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.[15]

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".[16] In what became known as the Yinhe incident, United States military vessels and aircraft followed the Yinhe, disrupting its normal travel route.[17]: 69  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.[18][19] The Yinhe experienced shortages of water and fuel.[17]: 69–70  The inspection, which occurred in Saudi Arabia did not find any improper chemicals[20] 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.[21]: 54 

China Ocean Shipping (Group) Company (1993–2015)

[edit]

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 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[23] 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.[23][non-primary source needed] While Chimbusco became a joint venture with PetroChina since 2003.[24]

COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings[a] in February 1997.[25] 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,[25] COSCO Pacific,[b] 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.[26] COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%.[23] COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997[27] to 2007. In 2007 the stake was sold to the parent company, COSCO HK.[28][29]

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

COSCO acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. It became COSCO Development,[d] 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.[32] Also in 2005, COSCO Group acquired a company from COSCO Development.[33] That company was the operator of Boao Forum for Asia.[22][non-primary source needed]

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.[34]

In 2002, another subsidiary, COSCO Shipping Co., Ltd.,[e] became a listed company in Shanghai.

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

In 2005, the flagship subsidiary of COSCO, China COSCO Holdings, became a listed company.[36] The A share of China COSCO Holdings was listed in Shanghai since 2007.[37]

After the post-2008 financial crisis collapse of global shipping, COSCO began gradually acquiring the Greek port of Piraeus.[9]: 68  Under COSCO, Piraeus has become a busy port, rising from traffic of 400,000 containers in 2008 to nearly five million containers in 2018.[9]: 68  Most European trade with China occurs via Greek ships, including through Piraeus.[9]: 68 

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.[38]

Mergers

[edit]

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

In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time.[40]

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[41] 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 (Chinese: 中国远洋运输有限公司).[42]

Subsidiaries

[edit]

COSCO contains several listed companies and has more than 300[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.[43]

On the eve of 2015 merger, COSCO Group has a few listed companies:[44]

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.[48] The stake was owned by COSCO Pacific until 2013.[49]

As of 2000, COSCO also owned 30% stake of China Cargo Airlines.[50]

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[51][52]) and COSCO International.[46] COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific[28][29] and COSCO International[53] respectively in 2007.

Accidents

[edit]

2009 Norway oil spill

[edit]
Main article: Full City oil spill

On 31 July 2009, the Panama-flagged bulk carrier, Full City, operated by COSCO Group's HK division,[54] 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.[55]

See also

[edit]

Footnotes

[edit]
  1. ^ After the acquisition, the listed company was known as COSCO International. As of 2020, is known as COSCO Shipping International (Hong Kong)
  2. ^ As of 2020, the company is known as COSCO Shipping Ports
  3. ^ As of 2020, the company is known as COSCO Shipping International (Singapore)
  4. ^ COSCO Development and COSCO Shipping Development are not the same company. As of 2020, the listed company that formerly known as COSCO Development, is known as Shanghai Wanye Enterprises and no longer a real estate company
  5. ^ COSCO Shipping Co., Ltd. and China COSCO Shipping are not the same company. China COSCO Shipping is the ultimate parent company of the group. After the 2015 merger, COSCO Shipping Co., Ltd. was renamed COSCO Shipping Specialized Carriers Co., Ltd.

References

[edit]
general
  • Kasic, Christopher (2012). Hill, Karen (ed.). "China Ocean Shipping (Group) Company". International Directory of Company History. 128. Gale.
specific
  1. ^ "China Ocean Shipping Group Co". Bloomberg. Retrieved 14 March 2013.
  2. ^ "Contact Us Archived 2010-01-30 at the Wayback Machine." COSCO.
  3. ^ "Donation Archived 2011-07-27 at the Wayback Machine". COSCO. May 21, 2008.
  4. ^ "China Cosco Shipping Group Profile". Retrieved 4 August 2017.
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