Coscocs (China Cosco Shipping Corporation) signed strategic cooperation agreement with China Exim Bank for financing of more than 50 vessels at total worth 18 billion USD. The new shipping conglomerate formed by the merger of Cosco Group and China Shipping Group intends to develop and modernize its fleet, by placing orders in the local shipyards and support domestic economy and industry. China Exim Bank will also provide financing to support the group’s mergers and acquisition costs, as well as overseas investments. The newly formed shipowner is the largest in the world, operating 1,114 vessels with total capacity of 85.32 million DWT.
“The doldrums in the international shipping market has brought pressure to us, but it also provides opportunities for us to acquire overseas assets to complete our global network”, said the chairman of China Cosco Shipping Corporation, Xu Lirong.
The total fleet of China Cosco Shipping Corporation comprises of 1,114 vessels with a capacity of 85.32 million DWT. Following the merger of Cosco Group and China Shipping was formed the largest shipowner in the world. The container fleet capacity of China Cosco Shipping Corporation is 1.58 million TEU, ranking the fourth in the world. Its self-owned dry bulk fleet (365 vessels/33.52 million DWT), tanker fleet (120 vessels/17.85 million DWT), general cargo and specialized cargo fleet (3 million DWT), are largest in the world in terms of capacity.
Moreover, the company owns over 46 container terminals all over the world, with over 190 berthing spaces. The throughput of its container terminals worldwide amounts to 90 million TEU. The global sales volume of its ship bunker fuel exceeds 25 million tons, while the1 container leasing business scale surpasses 2.7 million TEU.