China Ocean Shipping (Group) Co., Ltd.
China Ocean Shipping (Group) Co., Ltd. (COSCO) is a leading international transportation business in China. Founded in 1961, COSCO operates one of the world’s largest fleets of container ships and provides a wide range of transportation services. The company serves more than 150 countries around the world and accounts for 4 percent of the world’s container transport volume.
COSCO’s fleet consists of around 100 vessels, including Ultra Large Container Ships (ULCS) with a capacity of 21,000 TEU each, and Larger Container Ships (LCS), and various conventional vessels including bulk carriers and general cargo vessels. It operates more than 300 liner services.
In 2017, COSCO announced plans to upgrade its fleet with 85 new vessels, including ULCS and Larger Container Ships, adding 678,000 TEUs to the current capacity of its fleet. This will support the company’s expansion into the global container shipping market, allowing it to compete more effectively with industry leaders such as Maersk and MSC.
COSCO also provides related services such as seafreight, port construction, fishing vessels and oil tankers, as well as port shipping and shipbuilding. The company has a network of ports and terminals in China, Europe, the US, and the Middle East. It also owns and operates container logistics companies in many countries and regions around the world, such as Hong Kong, Singapore, Egypt, and Qatar.
COSCO`s scope of services covers the entire supply chain and it works with major ocean carriers and agencies to expand its business. It also provides cargo services including customs clearance, documentation, packing, and storage for customers all over the world.
In 2019, COSCO unveiled its 2025 sustainability strategy, which focuses on optimizing its operations, increasing efficiency, and protecting the environment. The company plans to reduce emissions from its fleet and use environmentally friendly fuels, as well as explore the use of alternative energy sources in the future.
COSCO is also investing in technologies such as blockchain and artificial intelligence (AI) to improve efficiency and streamline operations. It has partnered with tech companies such as IBM to develop advanced research and development capabilities.
COSCO’s plans for the future are to increase its presence in the global transportation market and become a leader in providing sustainable and cost-efficient transport solutions. The company continues to explore innovative ways to remain competitive while ensuring environmental protection and social responsibility.
