COSCO

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China Ocean Shipping (Group) Company

logo
legal form Public company
founding April 27, 1961
Seat Beijing , People's Republic of ChinaChina People's RepublicPeople's Republic of China 
management Xu Lirong ( Chairman , since 2016)
Number of employees 130,000 (2013)
sales $ 27.5 billion (2014)
Branch Transport, logistics
Website lines.coscoshipping.com

China Ocean Shipping (Group) Company , or COSCO for short ( Chinese中國 遠洋 運輸 （集團） 公司 / 中国 远洋 运输 （集团） 公司, short 中遠 集團 / 中远 集团, coll .: 中遠 / 中远) is one of the world's largest shipping companies that operates internationally. The company is a publicly owned enterprise of the People's Republic of China and is based in Beijing . The European headquarters of COSCO is in Hamburg . In 2016, COSCO and China Shipping Group merged to form China COSCO Shipping Corporation .

Business activities

Cosco Vancouver , Postpanmax , built in 2004, length 300 meters, 7455 TEU
Cosco Pride leaving the port of Hamburg ; Year of construction 2011, length 366 m, width 48 m, 13 092 TEU
Cosco America , Postpanmax , built in 2008, length 349.6 m, width 45.6 m, 10,046 TEU
Cosco Korea , year of construction 2010, 8500 TEU
Lowerable heavy lift ship Xiang Rui Kou with cargo

According to its own information, the group owned more than 1,100 ships in February 2016; the total capacity of its container ships at that time was 1.58 million TEU . This put him in fourth place in the ranking of the world's largest container shipping companies. In addition, the company has the world's largest transport capacity for bulk carriers and tankers . At 46 container terminals , which were owned by COSCO at the time, 90 million TEU were handled annually.

Since March 2014 the company has been part of the CKYHE shipping alliance (COSCO, K-Line , Yang Ming Line , Hanjin Shipping , Evergreen Marine ). Initially, they only served the Far East traffic together. After the Federal Maritime Commission (FMC) approved this at the end of 2014, this shipping area will also be included in the joint timetables in spring 2015. [outdated]

The following group companies of COSCO are listed on stock exchanges:

  • China COSCO Holdings Co. Ltd. ( SEHK 1919, SSE 601919)
  • COSCO Corporation (Singapore) Ltd. ( SGX C21)
  • COSCO Pacific Ltd. (SEHK 1199)
  • COSCO International Holdings Ltd. (SEHK 0517)
  • COSCO Shipping Company Ltd. (SSE 600428)

Container terminal in Piraeus

In October 2009, in the wake of the Greek financial crisis , COSCO leased half of the container port of the port of Piraeus for $ 647 million for 35 years. The Chinese operator has come under fire because, according to statements by trade unionists of the state-owned Greek port company (OLP), it cut salaries and social benefits, excluded trade unionists and thereby greatly increased the pressure to perform.

Once everything was in deficit, the container terminal operated by COSCO generated considerable profits in 2012, achieved through increased efficiency and reduced wages: Previously, the highest annual salary of some employees was US $ 181,000, in 2012, however, COSCO usually paid no more than US $ 23,300. COSCO invested 388 million US dollars to modernize the dock, which should increase the handling capacity in 2013 to up to 3.7 million containers. From 2010 to 2011, container throughput doubled and the number of employees rose to 1,000.

The successful management of the container terminal in this regard has brought COSCO and other Chinese companies into focus for further investments as part of the Greek privatization measures. The construction of a logistics center for 280 million euros is also planned, as is the takeover of the port operator Piraeus Port Authority (OLP). Further investments in other state-owned companies could follow.

In November 2012, Hewlett-Packard announced that it would make the container terminal in Piraeus the hub for all of its shipments to Europe, the Middle East and Africa.

In January 2016 it was announced that COSCO would take over 67% of the port of Piraeus for a total of 368.5 million euros. In addition, the Chinese pledged to invest more than 350 million euros over the next few years. The contracts were signed on April 8, 2016; COSCO will initially take over 51% of the shares in the port of Piraeus for EUR 280.5 million. Another 16 percent will become the property of the group after five years for EUR 88 million if it makes the agreed investments.

Others

COSCO was one of the interested parties in the tender for the Greek rail operator Trainose . COSCO is also interested in the planned Thriassio logistics center near Athens.

Individual evidence

  1. ^ History. In: en.cosco.com. COSCO Group, accessed April 9, 2016 .
  2. ↑ a b Introduction. In: en.cosco.com. COSCO Group, accessed April 9, 2016 .
  3. ↑ Leadership. In: en.cosco.com. COSCO Group, accessed April 9, 2016 .
  4. ^ China Ocean Shipping Financials and News. In: fortune.com. Fortune Global 500 , accessed April 9, 2016 .
  5. ↑ Data on Cosco Pride on the website of the Port of Hamburg, accessed on July 20, 2014.
  6. ↑ Seaspan Operating Fleet ( Memento of the original from May 26, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.seaspancorp.com
  7. ↑ China COSCO Shipping Aiming for 2 Million TEU Capacity by 2018. In: Ship & Bunker. February 22, 2016, accessed September 8, 2016 .
  8. ↑ Listed Companies. In: en.cosco.com. COSCO Group, accessed April 9, 2016 .
  9. ^ Jörg Diehl, Ferry Batzoglou: Greece crisis: Project Beijing in Piraeus. In: Spiegel Online . September 30, 2011, accessed December 18, 2014 .
  10. ^ Liz Alderman: Under Chinese, a Greek Port Thrives. In: The New York Times. October 10, 2012, accessed November 21, 2012 .
  11. ↑ Fu Jing: COSCO eyeing further Piraeus port investment. In: chinadaily.com.cn. June 19, 2012, accessed November 21, 2012 .
  12. ↑ HP picks Cosco's Greek pier as regional transport hub. In: Reuters . November 14, 2012, accessed December 18, 2014 .
  13. ↑ The Chinese shipping company COSCO takes over the majority of the port in Piraeus, Greece. In: finanzen.net/. January 21, 2016, accessed April 9, 2016 .
  14. ↑ Port of Piraeus goes to China. In: dw.com. Deutsche Welle , accessed April 9, 2016 .
  15. ↑ Gerd Höhler, Stephan Scheuer: China is under downward pressure. In: handelsblatt.com. Handelsblatt GmbH, March 23, 2016, p. 2 , accessed on March 31, 2016 .

Web links

Commons : COSCO  - collection of images, videos and audio files