COSCO

COSCO

Cosco Container Lines is the world’s fifth-largest container shipping company, with 157 vessels with a combined capacity of 668,000 TEUs (20-foot-equivalent units). Founded in 1997, the Shanghai-based ocean carrier is present in more than 48 countries, with 14,031 employees.

Cosco Container Lines, which is a subsidiary of COSCO Group, posted revenues of US$9.97 billion in 2013 — down 14 percent on a year-on-year basis. The company recorded a net profit of $37.6 million, up from the previous year’s net loss of $1.5 billion.

Cosco was the eighth-ranked container carrier in U.S. containerized import trade in 2013, with volume of 938,684 TEUs, up 11.9 percent year-over-year, giving it market share of 5.2 percent. It was No. 11  in U.S. containerized export trade in 2013, with volume of 424,690 TEUs, up 5.8 percent year-over-year and market share of 3.3 percent. For more carrier rankings see the JOC’s Top 40 Container Carriers special topic.

COSCO, ‘K’ Line, Yang Ming, Hanjin, and Evergreen Line have agreed in principle to an expanded CKYHE Alliance.

24 Mar 2015
China is expected to step up pressure on Greece to revive the stalled privatization of the port of Piraeus during a visit to Beijing this week by ranking members of the new Athens government.
26 Jan 2015
The new carrier mega-alliances are set to shake up market share on the key Asia-North Europe liner trade while shippers will benefit from a greater choice of services, and probably lower freight rates, according to Drewry Shipping Consultants.
Cosco container ship at Prince Rupert
26 Jan 2015
China’s largest shipping company, China Ocean Shipping (Group) Co., sailed back to profit in 2014 after three loss-making years, according to mainland media.
08 Jan 2015
China Cosco Holdings continued its aggressive scrapping programme, disposing 17 vessels in the last quarter of 2014 for $50 million.
17 Dec 2014
Another set of historic rate increases are on tap for the trans-Pacific, as the 15 members of the Transpacific Stabilization Agreement announced hikes totaling $1,000 per FEU.
05 Dec 2014
Two carriers announced general rate increases targeting trans-Atlantic shipments to the Port of New York-New Jersey.
04 Dec 2014
The CKYHE Alliance this week received U.S. regulatory approval to further integrate its newest member, Evergreen Line, into its vessel-sharing agreement covering the trans-Pacific and trans-Atlantic trade lanes.
28 Nov 2014
Multiple container lines have planned general rate increases in numerous trade lanes in November, December and January, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.
31 Oct 2014
Growing international trade and rising container volumes and revenue during the third quarter was reflected in the financial results of China’s top two carriers — China Shipping Container Lines (CSCL) and China Cosco.
28 Oct 2014
The world’s largest box maker, China International Marine Containers (CIMC), posted a 66 percent increase in net profit for January through September as the U.S. and European economies continued to recover and new vessels were launched, driving up the shipping industry demand for new containers.
Ocean carrier rate revision roundup for Oct. 17
17 Oct 2014
Multiple container lines have planned general rate increases in numerous trade lanes in October and November, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.
30 Sep 2014
Nearly $300 million in subsidies were given to four Chinese ship lines today, as the Chinese government begins to roll out parts of a six-year plan to update its shipping industry.