COSCO SHIPPING Lines Co., Ltd.<br>中远海运集装箱运输有限公司
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 | |
| State-owned enterprise | |
| ISIN | 🆔 |
| Industry | Maritime transport |
| Founded 📆 | 2016 |
| Founder 👔 | |
| Headquarters 🏙️ | , , |
Area served 🗺️ | Worldwide |
Key people | Yang Zhijian (Chairman) |
| Products 📟 | Container shipping |
| Members | |
Number of employees | |
| Parent | COSCO Shipping Holdings |
| 🌐 Website | lines |
| 📇 Address | |
| 📞 telephone | |
COSCO SHIPPING Lines Co., Ltd. (Chinese: 中远海运集运) is a multinational ocean container shipping company. It is a subsidiary of COSCO Shipping Holdings, which is a subsidiary of COSCO Shipping group. It is the world's third largest container shipping company in terms of vessel capacity, with 3.0 million TEUs as of December 2019. COSCO SHIPPING Lines was established in 2016 by the merger of COSCO Container Lines and China Shipping Container Lines.
History
China Ocean Shipping Co.
In April 1961, the Ocean Shipping Bureau, a branch of the Ministry of Communications, established China Ocean Shipping Company as a state-owned enterprise in Beijing. That same day, Guangzhou Ocean Shipping Co. was established as a subsidiary company. The establishment of China Ocean Shipping Co. was supported by Chairman Mao Zedong and other Chinese state leaders, who had proposed developing a national Chinese ocean transport company. In the year it was founded, the company's fleet consisted of 4 secondhand ships – Xinhua (新华), Heping (和平), Youyi (友谊), and Guanghua (光华). The company was tasked with operating its passenger ship, Guanghua, to evacuate ethnic Chinese refugees from Indonesia. Later in the 1960s, the company commenced regular liner services to ports in Japan, North Korea, Africa, the Middle East, and Europe, and rapidly grew its fleet using the business philosophy of “Buying Ships with Bank Loans and Returning Loans with Profits.”[1][2]
In 1964, China Ocean Shipping Co. established a second subsidiary, Shanghai Ocean Shipping Co. at No. 5 Zhongshan East No.1 Road in Shanghai.[3] In the 1970s, China Ocean Shipping Co. established two other subsidiary companies: Tianjin Ocean Shipping Co. and Qingdao Ocean Shipping Co. In 1980, the company opened another subsidiary in Dalian, the Dalian Ocean Shipping Co.[4][non-primary source needed] Each subsidiary specialized in operation of a particular type of cargo ship.
By 1975, China Ocean Shipping Company's vessel fleet exceeded 5 million DWT, becoming among the fastest growing ocean shipping companies.[1][4]
In 1978, Shanghai Ocean Shipping Company's MV Ping Xiang Cheng sailed with 162 TEU from Shanghai to Sydney, Australia, which was China's first international ocean container service. This container voyage was a milestone for China.[3][5] After this voyage, Shanghai Ocean Shipping Co. commenced a monthly container service from Shanghai to Australia using the MV Xiong Yue Cheng.
China Ocean Shipping Co. gained new business opportunities following the normalization of US–China relations in April 1979. China Ocean Shipping Co. sent its freighter, MV Liu Lin Hai, from Shanghai to Seattle Port to commence US–China trade. MV Liu Lin Hai became the first Chinese-flagged ship to dock at an American port.[6]
After China adopted its opening-up reforms in the 1980s, China Ocean Shipping Company continued its international expansion by opening new offices in several countries including Germany, the Soviet Union, Egypt, France, Belgium, Italy, and Canada. In 1982, Shanghai Ocean Shipping Co. commenced regular trans-Pacific container services. In 1983, MV Liao He of Shanghai Ocean Shipping Co. began the Tianjin-Shanghai-West Europe container trade lane. In 1986, Shanghai Ocean Shipping Co. expanded its US-China container service and added port calls around the Pacific Ocean.[3]
COSCO Container Lines
In 1992, the Chinese government renamed China Ocean Shipping Company to COSCO Group to expand the company into other business areas. Through the 1990s the Chinese government worked to diversify COSCO, expanding the company's operations into several industries including offshore fuel supply, ship repair, freight forwarding, travel, and real estate. However, ocean shipping remained COSCO Group's core focus.[7] In 1993, COSCO Group listed on the Singapore Stock Exchange, becoming the first Chinese SOE to be listed on a foreign capital market.[2][7]
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In 1994 COSCO Group was reformed to have "centralized operation and decentralized management". A new central operating company, COSCO Container Line Limited (COSCON), was formed in Beijing and tasked with marketing and scheduling while the container ships and other container assets remained under the management of regional COSCO subsidiaries. In November 1997, COSCO Container Line Limited was moved to Shanghai, merged with Shanghai Ocean Shipping Co., and the ownership of all COSCO container ships and container assets was transferred to it. An unveiling ceremony was held at Waigaoqiao Free Trade Zone.[3][8]
After China joined the WTO in 2001, COSCO Container Lines developed into one of the world's leading container shipping companies. The company played a major role in China's economic advancement by delivering Chinese exports around the world.
COSCO Container Lines based its North American operations in Secaucus, NJ headquarters, opened in 1993. COSCO Container Lines Americas built a large intermodal network in the US. The company invested in thousands of marine container chassis. COSCO Container Lines Americas also contracted with trucking companies and with all major US railroads. COSCO Container Lines was one of the first companies to sign the C-TPAT in 2001.
In May 2003, COSCON won the bid for shipment of "Sudan Project". The bid was offered by China Petroleum Engineering & Construction (Group) Corporation to ship materials needed for expansion of the Sudan Khartoum Refinery Project.[9][non-primary source needed]
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On July 2003, Captain Wei Jiafu, President and CEO of COSCO Group, met with Craig Allen and other senior US diplomats. They discussed balancing US-China trade and strategies to fill empty COSCO containers with US agricultural exports before returning them to China.[10][non-primary source needed]
In June 2004, Captain Wei Jiafu met with Matt Rose, Chairman of BNSF. They discussed the recent development of their businesses. Chairman Rose briefed Captain Wei on how BNSF could provide more transport services for COSCO containers along the US west coast.[11][non-primary source needed]
In July 2007, COSCO Container Lines christened the 10,000 TEU COSCO Asia at HHI shipyard in Ulsan. It was the largest container ship in COSCO's fleet at the time, and the company would later take delivery of 3 other 10,000 TEU ships. The 10,000 TEU vessels were highly automated and classed by Lloyd's Register to the highest environmental safety standards.[12]
Since the late 1990s, COSCO Container Lines was a member of the CKYHE alliance, a business agreement with "K" Line, Yang Ming, Hanjin, and Evergreen to share vessel space.
By December 2014, COSCO Container Lines had 175 container ships with a total capacity of 840,692 TEU. COSCO container ships called at 192 ports in 64 countries across the five continents. The company operates 84 international shipping routes and has dozens of Post-Panamax ships. In December 2013, the trans-Pacific service generated the most revenue for COSCO Container Lines, 14.2 million RMB.[3][non-primary source needed] COSCO Container Lines was China's largest container line since its founding.[1]
COSCO SHIPPING Lines
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In March 2016, COSCO Container Lines' parent company, COSCO Group, merged with China Shipping Group. COSCO Container Lines acquired the assets of China Shipping Container Lines, the container shipping subsidiary of China Shipping Group and China's second largest container line. COSCO Container Lines was renamed COSCO SHIPPING Lines. After the integration with China Shipping Container Lines, COSCO has 502 container ships with 3.0 million TEU. The company has 255 international routes, calling at 356 ports in 105 countries.[13][non-primary source needed] COSCO SHIPPING Lines has ordered several mega-ships, such as the 20,000 TEU COSCO SHIPPING Taurus and the 21,000 TEU Universe-class container ships.
On June 26, 2016, MV COSCO SHIPPING Panama became the first vessel to sail through the newly widened Panama Canal.[14][15] Over 5,000 people attended the event.[16]
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In July 2016, COSCO SHIPPING Lines' parent company, COSCO SHIPPING Group, pledged to ban shipments of shark fins in COSCO containers.[17][18]
In April 2016, COSCO SHIPPING Lines left the CKYHE alliance and formed a new 5-year vessel-sharing contract, the Ocean Alliance, along with CMA CGM, OOCL, and Evergreen Line.[19][20]
On July 24, 2018, COSCO SHIPPING Lines reported a cyber attack to its operations in the United States, Canada, and South America.[21][22][23] COSCO later reported that the attack caused minimal disruption to its operations.[24]
In 2018, COSCO SHIPPING Lines' parent company, COSCO SHIPPING Holdings, completed its acquisition of Hong Kong-based OOIL for US$6.3 billion.[25][26] OOIL is the parent of OOCL, one of the world's largest container shipping lines. After integration with OOCL, COSCO SHIPPING Lines became the world's third largest container line in terms of vessel capacity.
Environmental Initiatives
Since 2005, COSCO SHIPPING Lines has participated in the Port of Long Beach's Green Flag Program. Ships are asked to voluntarily travel at 12 knots or less within 40 nautical miles of the Long Beach Harbor to decrease smog and air pollution. In 2019, COSCO SHIPPING Lines was awarded “Protecting Blue Whales and Blue Skies" gold prize by several public and private agencies for voluntarily reducing the speed of its ships to 10 nautical miles or less within the San Francisco Bay Area.[27][28]
Awards
In 2000, the journal American Shipper named COSCO Container Lines 'one of the most experienced carriers of high service quality'. Lloyd's List awarded COSCO Container Lines "Customer Service" and “Sailing Schedule Reliability” on several routes every year since 1999. In 2002, World Trade Magazine named COSCO Container Lines "Best Ocean Carrier Provider". Every year since 2003, the Canadian International Freight Forwarders Association named COSCO Container Lines "The best carrier of Far East/ East Canada service". In 2005, INFORMA named COSCO Container Lines “Shipping Line of the year”. Also in 2005, Cargonews China named COSCO "Best Shipping Line – China Trade".[29]
In 2016, COSCO SHIPPING Lines was awarded Best Supplier Award for the 9th consecutive year at the General Assembly of Faw-Volkswagen Suppliers. In 2019, COSCO SHIPPING Lines was awarded Samsung SDS Best Partner Award in Seoul.
See also
- China and the World Trade Organization
- Containerization
- COSCO Shipping
- Economy of China
- Intermodal freight transport
- List of largest container shipping companies
- Shipping industry of China
- Transport in China
References
- ↑ 1.0 1.1 1.2 Zhang, Wenxian; Alon, Ilan (2010). A Guide to the Top 100 Companies in China. Singapore: World Scientific. pp. 55–59. ISBN 978-9814291460. Search this book on
- ↑ 2.0 2.1 Howard, Michael (2011). Transnationalism and Society - An Introduction. Jefferson, North Carolina: McFarland & Company, Inc. pp. 128–129. ISBN 978-0-7864-6454-8. Search this book on
- ↑ 3.0 3.1 3.2 3.3 3.4 "COSCON, About Us, Company Profile". Retrieved December 1, 2020.
- ↑ 4.0 4.1 "China COSCO SHIPPING History". China COSCO SHIPPING. Retrieved December 1, 2020.
- ↑ Yang, Dong; Liu, Qing; Jiang, Liping; Zhang, Wei; Chu, Wenrong (2019). Duru, Okan, ed. Maritime Business and Economics - Asian Perspectives. Abingdon, Oxford: Routledge. ISBN 9781138282124. Search this book on
- ↑ Donnelly, Devlin (April 18, 2019). "Celebrating Forty Years of Trade with China". Port of Seattle. Retrieved December 1, 2020.
- ↑ 7.0 7.1 Shi, Yan; Stringer, Christina; Lan Ge, Gloria (2013). Ramburuth, Prem; Stringer, Christina; Serapio, Manuel, eds. Dynamics of International Business - Asia-Pacific Business Cases. Cambridge: Cambridge University Press. ISBN 9781107675469. Search this book on
- ↑ "COSCO, About, History". Archived from the original on February 25, 2003. Retrieved December 3, 2020.
- ↑ "COSCON won the bid for shipment of "Sudan Project"". May 30, 2003. Retrieved December 3, 2020.
- ↑ "Capt.Wei Met with Senior US Diplomats". July 18, 2003. Archived from the original on July 29, 2003. Retrieved December 3, 2020. Unknown parameter
|url-status=ignored (help) - ↑ "Capt. Wei Met with BNSF Chairman". June 8, 2004. Retrieved December 3, 2020.
- ↑ "Container Ship Christened at COSCO". MarineLink. July 31, 2007. Retrieved December 1, 2020.
- ↑ "COSCO SHIPPING Lines, About Us". Retrieved December 1, 2020.
- ↑ "China Cosco's Ship 1st to Sail the Expanded Panama Canal". Offshore Energy. Retrieved December 1, 2020.
- ↑ Labrut, Michele (June 26, 2016). "Cosco Shipping Panama starts historic transit of expanded Panama Canal". Seatrade Maritime News. Retrieved December 1, 2020.
- ↑ "The Inaugural Sail of M.V. COSCO SHIPPING PANAMA through the Expanded Panama Canal" (Press release). China COSCO SHIPPING Corporation. June 27, 2016. Retrieved 2020-12-01.
- ↑ Chambers, Sam (July 25, 2016). "China Cosco Shipping vows to stop transporting shark fins". Splash 247.com. Retrieved December 1, 2020.
- ↑ "Chinese Conglomerate COSCO Shipping Bans Shark Fin Shipments". WildAid. July 24, 2016. Retrieved December 1, 2020.
- ↑ Knowler, Greg (April 20, 2016). "Container shipping's new Ocean Alliance is born". JOC.com. Retrieved December 1, 2020.
- ↑ "COSCO Container Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line to establish OCEAN Alliance" (Press release). Shanghai. COSCO SHIPPING Lines. April 20, 2016. Retrieved 2020-12-01.
- ↑ "Cosco Reports Cyberattack at its U.S. Operations". The Maritime Executive. July 25, 2018. Retrieved December 1, 2020.
- ↑ "COSCO Shipping Lines Falls Victim to Cyber Attack". Offshore Energy. Retrieved December 1, 2020.
- ↑ Mongelluzzo, Bill (July 24, 2018). "Cosco responds to cyber attack on US operations". JOC.com. Retrieved December 1, 2020.
- ↑ Mongelluzzo, Bill (July 30, 2018). "Cosco's pre-cyber attack efforts protected network". JOC.com. Retrieved December 1, 2020.
- ↑ "China's Cosco Shipping Holdings completes OOCL acquisition". oevz.com. August 6, 2018. Retrieved December 1, 2020.
- ↑ Jiang, Jason (July 26, 2018). "Cosco completes OOCL takeover". Splash 247.com. Retrieved December 1, 2020.
- ↑ "COSCO SHIPPING North America, About Us". COSCO SHIPPING North America. Retrieved December 1, 2020.
- ↑ "Fifteen global shipping companies slowed cargo ships for 99,000 nautical miles in 2019 program off California coast to protect blue whales and blue skies" (Press release). SANTA BARBARA CHANNEL REGION and SAN FRANCISCO BAY AREA, Calif. Air Pollution Control District, Santa Barbara County. May 19, 2020. Retrieved 2020-12-01.
- ↑ "COSCON, About Us, Awards". COSCO Container Lines. Retrieved December 1, 2020.
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