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China helps shipping conglomerate expand global business


A shipping conglomerate, the China Ocean Shipping (Group) Company (COSCO) Shipping Corporation Limited, has developed into a world-class ocean shipping giant during the process of China's reform and opening-up. 
 
Now, the number of port terminals invested and operated by the COSCO Shipping Corporation Limited have reached 55, located in the Chinese mainland as well as in Hong Kong, Taiwan, southeast Asia, Europe, the Mediterranean, the Black Sea and other regions. 
 
But before the 1980s, the overseas business of the COSCO Group, the predecessor of COSCO Shipping Corporation Limited, relied only on sending shipping representatives overseas to provide security services for fleets in international shipping. In August 1978, the Chinese government began to encourage enterprises to "go abroad to develop their business". Under this policy, the COSCO Group began to expand its ocean shipping and carried out container shipping business in the world. 
 
"China's first cargo ship to Australia in 1978 came from our company. The ship just had 126 container slots. It was just such a bulk cargo ship loaded with 126 containers," said Xu Lirong, chairman of the COSCO Shipping Corporation Limited. 
 
With several years' efforts, the company opened liner routes of container shipping to Australia, America, Japan, Europe, and Hong Kong by the end of 1983. A container shipping network gradually formed connecting main ports in the world. 
 
Since 2013, in response to the Belt and Road Initiative, the group has been devoted to expanding global business and optimizing its routes along the Maritime Silk Road. 
 
With the reform of state-owned enterprises going in depth since the 18th National Congress of the Communist Party of China, the COSCO Group and the China Shipping Group merged into the COSCO Shipping Corporation Limited in 2016. 
 
"After the merge, we're now the largest international shipping enterprise in the world. Our load capacity has surpassed 100 million tons. We owns about 1,300 ships in total. There is no other shipping enterprise in the world which can match us in size," said Xu. 
 
In July this year, the COSCO Shipping Corporation purchased the Orient Overseas Container Line (OOOL), a Hong Kong-based container shipping and logistics service company. As of the end of 2019, the load capacity of the COSCO Shipping Corporation is expected to reach 3.1 million standard containers, marking its upgrade into the world-leading level in container shipping. 
 
On Dec 10, the COSCO Shipping Ports Limited (CSP) Abu Dhabi Terminal at Khalifa Port in the United Arab Emirates (UAE) which will be jointly operated by CSP, a subsidiary of China COSCO Shipping Corporate, and the Abu Dhabi Ports, was put into operation. It's the first port in the Middle East invested by COSCO Shipping and also its first international greenfield subsidiary. 
 
"This is a historic event for Abu Dhabi Ports. The COSCO is an international enterprise. It's crucial for us that the COSCO set up its headquarter in the Middle East at the Khalifa Port, which could present us a very wide prospect," said Captain Mohamed Juma Al Shamisi, chief executive officer of Abu Dhabi Ports. 
 
Now, COSCO Shipping Corporation has 350 container shipping routes, 1,050 overseas companies and 55 port terminals, 17 of which are located in the Belt and Road countries. Its overseas assets account for 58 percent of the group's total assets, and the overseas income accounts for 60 percent of the group total. 
 
"Now, we have a large impact in the world. With international shipping as our development basis, we will continue to develop, expand and improve our business, so as to promote the development of comprehensive logistics in the world. Our goal is to develop into the largest supply chain services group in the world," said Xu. 
 
Source:cctvplus

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