Freight News, Sea

New Chinese shipping giant emerges

[ February 18, 2016   //   ]

The merged COSCO and China Shipping has been relaunched as China Cosco Shipping Corporation (COSCOCS). With it, the Chinese government hopes to create a global operator with enough muscle to counteract other major global operators such as Maersk Line and stem the two operators’ mounting losses.

COSCOCS would own 830 vessels – including bulkers and tankers as well as container ships – which on paper would put it well ahead of its European and Japanese rivals. However, analysts pointed out that the company also has more than twice the workforce as its rivals and that current Chinese government policy might make it hard to reduce this and boost productivity.

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