COSCO now fifth largest global port operator

Friday, Mar 13, 2009

China Ocean Shipping (Group) Company (COSCO) has become the fifth largest container terminal operator in the world, according to a 2008 study conducted by Drewry Shipping Consultants. Since 1998, when COSCO implemented its strategic plan, container terminal business was always one of the important components, said Wei Jiafu, President of COSCO Group. After 10 years' development, COSCO Group's container terminal business has developed from "nothing" to ranking fifth in the world.COSCO now runs over 150 berths at home and abroad, handling an annual throughput of more than 45 million TEUs. Subsidiaries of COSCO, the largest shipping and logistics company in China, operate at harbours in China, the Americas and Europe. COSCO has terminal operations in Chinese cities including Dalian, Yingkou, Tianjin, Qingdao, Shanghai, Taicang, Zhangjiagang, Nanjing, Yangzhou, Ningbo, Xiamen, Quanzhou, Shenzhen, Guangzhou and Hong Kong, as well as in foreign countries such as the US, the Netherlands, Belgium, France, Italy, Singapore and Egypt. COSCO has minority or controlling stakes, or operating rights in these terminals. COSCO Group is both China's largest and the world's second largest ocean shipping enterprise.