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.

27 Jun 2016
Cosco Shipping Panama on Sunday made the first commercial transit of the Panama Canal’s new locks.
20 Jan 2016
Greece’s privatization agency will today weigh an improved offer from China’s Cosco Pacific for a majority stake in the port of Piraeus.
12 Jan 2016
Greece today confirmed Cosco Pacific is the only bidder for a majority stake in the Piraeus Port Authority and immediately asked the Chinese company to submit an improved offer for control of the nation’s largest port.
28 Dec 2015
China’s Ministry of Transport has fined eight international container lines a total of $169,000 for failing to meet the freight rate guidelines set by the ministry.
16 Dec 2015
To mitigate service disruptions caused by potential consolidation, APL, CMA CGM, China Shipping Container Lines and Cosco could elect to participate in more than one major alliance during a transition phase, Federal Maritime Commissioner William Doyle said last week.
16 Dec 2015
Five Asia-based container lines will expand a service in mid-February that connects to Australia, while another China-based line will also beef up its service to and from Oceania.
14 Dec 2015
CMA CGM’s $2.4 billion acquisition of Neptune Orient Lines and the forthcoming merger between state-owned Cosco and China Shipping are unlikely to spur a fresh round of consolidation in container shipping, according to Drewry.
13 Dec 2015
China Shipping Container Lines will exit the container trade under the merged and reorganized China Cosco Shipping Group, a move that raises questions on the carrier’s continued participation in the O3 Alliance it shares with CMA CGM and UASC.
11 Dec 2015
The listed entities of Cosco and China Shipping Container Lines will resume trading on Monday after being suspended for more than five months as reorganization to merge the complex web of public entities under the two groups gets under way.
10 Dec 2015
The long-expected merger of Cosco and China Shipping has received the green light from the State Council, China’s media is reporting.
01 Dec 2015
Talks between state-owned giants Cosco and China Shipping will continue into the new year, the groups said in exchange filings, six months after trading in shares of their listed subsidiaries was suspended.
23 Nov 2015
The government of Greece has again extended the bidding process for the sale of the port in Piraeus — the country’s largest — this time at the request of the potential purchasers.