Friday, June 10, 2016

Largest tanker company formed

Photo: China Ocean Shipping Co. (COSCO Group)

What is claimed to be the world’s largest tanker company was officially inaugurated in Shanghai on 6th June.
COSCO Shipping Energy Transportation has a total of 105 tankers, including nine LNGCs, amounting to 17.04 mill dwt. The asset value of the new company accounts for 11% of parent COSCO Shipping’s total assets.

COSCO Shipping chairman Xu Lirong said that the establishment of the new company was a practical way to achieve business scale and synergies particularly in the sectors of energy shipping and logistics, in order to better compete with other established global rivals.

“This move is also part of ongoing restructuring of state-owned enterprises,” Xu said at the inaugural meeting in Shanghai.“The group will use this new setup to strengthen its capabilities in shipping oil, gas and other energy resources to ensure China’s energy security.”

The new company was formed out of China Shipping Development Co and COSCO Dalian Ocean Shipping Co.

“COSCO Shipping’s new step will transform its businesses into a more diversified operation model that can take full advantage of the opportunities likely to come from the Belt and Road initiative and the development of the Yangtze River economic belt,” said Wang Mingzhi, deputy director-general of the waterborne transport bureau at China’s Ministry of Transport.

COSCO Shipping also launched COSCO Shipping Financial Holding in Hong Kong last week to diversify the group’s businesses in the financial services, including vessel leasing, investments, finance management and insurance.


  1. This post is meaningful and magnificent, which you have shared here about shipping. Your article is very informative and useful for those who are looking for the tanker shipping companies. If anyone looking for the sea cargo services, Pak Direct Cargo is the best choice.

  2. Really, This is an impressive as well as Useful post for me. I got the most valuable and informative information from here. shipping from China to Canada

  3. Informative post, thank you for sharing this. It is truly amazing to witness the scale at which shipping industries are expanding. The growth in trade also results in higher demand of better logistics, since it plays a pivotal role in the success of a company. International shipping tends to be a tedious process, but the developments of better logistical structures and widespread network of reliable freight forwarder from China to USA, and across Atlantic and Pacific has made transportation more convenient. Looking forward for more interesting updates, great blog.