COSCO Shipping Energy
| Company type | Subsidiary |
|---|---|
| Industry | Shipping, Oil tanker transportation |
| Predecessor | Shanghai Haixing Shipping Co., Ltd. |
| Founded | May 1994 |
| Headquarters | Shanghai , China |
Area served | Global |
| Products | Crude oil, LNG, LPG transportation services |
| Owner | COSCO Shipping |
| Parent | COSCO Shipping |
COSCO Shipping Energy Transportation Co., Ltd., commonly branded as COSCO SHIPPING Energy, is a Chinese enterprise specializing in oil tanker shipping, with its main office located in Shanghai's Hongkou District. As a subsidiary of COSCO Shipping, the firm is engaged in the transportation of crude oil, as well as liquefied natural gas (LNG) and liquefied petroleum gas (LPG). It commands the largest oil tanker fleet globally by carrying capacity.
History
The company originated in May 1994 when Shanghai Shipping Group established it under the name Shanghai Haixing Shipping Co., Ltd. Later that year, in November 1994, it launched an initial public offering of 1.08 billion H shares on the Stock Exchange of Hong Kong (SEHK), becoming the leading coal and crude oil transporter in East China.
On July 1, 1997, China Shipping Group was formed to merge assets from Shanghai Shipping Group, Guangzhou Shipping Group, and Dalian Shipping Group. Within a few weeks, by July 18, China Shipping had acquired all "legal person shares" of Haixing Shipping, thus gaining controlling interest. Subsequently, in December 1997, the company was renamed China Shipping Development Co. Ltd.
China Shipping Development concentrated its operations on bulk cargo shipping with an emphasis on oil transport. By 2006, it possessed a fleet of 42 bulk carriers, ranking it among the foremost oil shipping companies in the Far East. In 2007, the firm placed orders for sixteen very large ore carriers (VLOCs) intended for iron ore shipments. Two years later, in 2009, it purchased China Shipping LNG Investment Company Limited from China Shipping Group and established joint ventures with MOL, Sinopec, and PetroChina to facilitate LNG transportation. Between 2011 and 2013, these partnerships commissioned ten LNG carriers, six of which were owned by China Shipping Development.
In August 2012, China Shipping Development set up China Shipping Bulk Carrier Company Limited to oversee its dry bulk shipping activities.
After the merger between China Shipping Group and COSCO Group in 2016, China Shipping Development divested its dry bulk subsidiary to China COSCO Bulk Shipping Co. Concurrently, it acquired Dalian Ocean Shipping Co., a tanker operator under COSCO Group’s umbrella. The company was rebranded as COSCO SHIPPING Energy Transportation and redirected its business focus exclusively towards oil and LNG shipping.
Following this consolidation, COSCO SHIPPING Energy operated the world’s largest oil tanker fleet, consisting of 105 vessels with a combined deadweight tonnage (DWT) of 17.04 million.
See also
External links
- Articles with short description
- Companies formerly in the Hang Seng China Enterprises Index
- Companies listed on the Hong Kong Stock Exchange
- Companies listed on the Shanghai Stock Exchange
- American companies established in 1994
- Shipping companies of China
- COSCO Shipping
- Logistics companies of China
- Government-owned companies of China
- Companies based in Shanghai
- Transport companies of China
- H shares
- 1994 in Shanghai