COSCO Shipping Holdings
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 Headquarters of COSCO Shipping | |
Native name | 中国远洋海运集团有限公司 |
|---|---|
| Company type | State-owned enterprise |
| Industry | Marine transportation |
| Predecessor |
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| Founded | 2016 |
| Headquarters | , |
Area served | Global |
Key people |
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| Services | Marine transportation Stevedoring Chartering Shipbuilding |
| Revenue | $44,655 million (2020) |
| Total assets | $125,906.4 million (2020) |
| Total equity | $28,202.6 million (2020) |
Number of employees | 118,243 (2020) |
| Divisions | COSCO Shipping Lines |
| Subsidiaries | |
| Website | {{URL|example.com|optional display text}} |
China COSCO Shipping Corporation Limited—commonly known as COSCO Shipping—is a Chinese state-owned multinational enterprise specializing in marine transportation, with its main office located in Shanghai. Formed in January 2016 through the consolidation of China Ocean Shipping Company and China Shipping Group, the company operates internationally across shipping, logistics, and port operations, supported by a wide array of subsidiaries and divisions.
COSCO
Established in 1961 and headquartered in Beijing, China Ocean Shipping (Group) Company was a state-owned multinational transport conglomerate. It held the distinction as China's largest dry bulk shipping operator and ranked among the top global players in this sector. Additionally, it was the country’s leading liner shipping company. Its container division—COSCO Container Lines—was ranked within the top ten container shipping firms worldwide by fleet size. In 2012, COSCO was recognized as one of China's fifteen most valuable brands.
China Shipping
Founded in 1997 with headquarters in Shanghai, China Shipping (Group) Company was a state-owned multinational transportation conglomerate. By May 2014, its container shipping branch—China Shipping Container Lines—managed a fleet of 156 vessels with a combined capacity of 656,000 TEU. The container ship CSCL Globe was the largest globally at that time. The group also operated fleets comprising oil tankers, tramp vessels, passenger ships, and car carriers.
History
The merger of COSCO and China Shipping received approval from the Chinese State Council in January 2016, resulting in the formation of COSCO Shipping. This consolidation occurred amid a downturn in the maritime transport sector and aimed to realize economies of scale while restructuring China's state-owned shipping industry.
Shortly following the merger, subsidiary COSCO Shipping Holdings joined forces with Shanghai International Port Group to acquire a controlling interest in Orient Overseas (International), the parent company of OOCL, from the Tung family. This transaction was finalized in August 2018 and elevated COSCO Shipping to one of the world’s largest container shipping companies with a fleet exceeding 400 vessels.
In April 2016, COSCO reached an agreement to purchase a 51% shareholding in Piraeus Port Authority, which is listed on the Athens Stock Exchange. Its subsidiary manages two container terminal piers at this port.
January 2017 saw COSCO obtain $26.1 billion from the China Development Bank aimed at funding Belt and Road Initiative projects through 2021, supporting expansion of ports and infrastructure.
By May 2017, COSCO acquired a 24% interest in an inland port located within Kazakhstan's Khorgos Eastern Gate Special Economic Zone. In December 2018, COSCO Shipping Ports secured a 35-year concession to operate a container terminal at Khalifa Port. In November 2019, it committed $660 million toward upgrading Greece’s Piraeus container terminal.
On May 11, 2020, COSCO Shipping Ports partnered with Dongfeng Commercial Vehicle and China Mobile to demonstrate an Automated Guided Vehicle transporting a shipping container at Xiamen Ocean Gate Terminal utilizing 5G technology—marking progress in its smart port development efforts. Later that year, collaborations with Alibaba and Ant Group were established to advance blockchain applications within shipping.
The Hong Kong arm of COSCO Shipping acquired listed company COSCO Shipping International through a backdoor listing in 1997 and expanded into real estate before divesting these holdings during the early 2000s. The company also held a 20% stake in Lai Sun Hotels until financial difficulties during the late 1990s prompted asset sales.
In 2023, Bulgarian media outlets accused Three Stars Ltd—the local agent for COSCO Shipping Lines—of engaging in racketeering and antitrust breaches.
Previously, the corporation owned shares in Chinese property developer Sino-Ocean Group, but divested by 2010 following government directives encouraging state-owned enterprises to withdraw from non-core real estate ventures.
U.S. Sanctions
On September 25, 2019, the U.S. Department of the Treasury imposed sanctions on COSCO Shipping's tanker subsidiaries, specifically COSCO Shipping Tanker (Dalian) Seaman & Ship Management and COSCO Shipping Tanker (Dalian), due to breaches of U.S. sanctions targeting Iran. The parent corporation itself was not subjected to these sanctions. These restrictions were subsequently lifted by the U.S. in January 2020.
In January 2025, COSCO was included on a list published by the U.S. Department of Defense, identifying companies purportedly associated with the People's Liberation Army.
COSCO Shipping Holdings
COSCO Shipping Holdings Co., Ltd., previously known as China COSCO Holdings Company Limited, was founded in China in 2005. It serves as the publicly traded flagship and a subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"), which is the largest integrated shipping enterprise in China and ranks as the second largest worldwide.
COSCO Shipping Holdings provides a range of services including container shipping, dry bulk transportation, third-party logistics, freight forwarding, terminal management, and container leasing both within China and internationally. Its headquarters are located in Shanghai, operating under the broader COSCO Group.
History
The company’s H shares were first listed on the Hong Kong Stock Exchange on June 30, 2005, followed by its A shares debuting on the Shanghai Stock Exchange on June 26, 2007.
Facing financial difficulties, China COSCO recorded losses in both 2011 and 2012, which put it at risk of removal from the Shanghai Stock Exchange if losses persisted for a third consecutive year. Nevertheless, on March 27, 2013, China COSCO achieved a profit of RMB 235.47 million, thereby averting delisting.
Reorganization and Asset Restructuring
In December 2015, a merger between COSCO Group and China Shipping Group resulted in the formation of China COSCO Shipping Corporation Limited.
Within this restructuring framework, China COSCO divested its entire stake in China COSCO Bulk Shipping (Group) Co., Ltd. to COSCO Group, thereby withdrawing from the dry bulk shipping market to concentrate on container shipping operations. Furthermore, China COSCO procured equity holdings in 30 inland agency firms from China Shipping Container Lines ("CSCL") and secured a leasing contract to operate vessels and containers owned by CSCL. This consolidation of container-related assets established China COSCO as a dominant global player in container shipping and terminal services.
See also
- Largest container shipping companies
- COSCO fleet lists
- COSCO Group
- COSCO (Hong Kong) Group
- COSCO Shipping Ports
- COSCO Shipping International
- China International Marine Containers