COSCO

China Ocean Shipping ( Group) Company (Chinese中远 集团, COSCO ) is one of the world's largest shipping companies, which operates internationally. The company is a state-owned enterprise of the People's Republic of China, based in Beijing.

Commercial Activity

COSCO Container Lines ( COSCON ), based in Shanghai currently owns 149 container ships ( 496,000 TEU capacity). Currently, there is ranked fifth in order of the number of container ships and the total volume of the container. There is already another 62 container ships with nearly 440,000 TEU were ordered.

The following subsidiaries of COSCO listed on stock exchanges:

  • COSCO Corporation (Singapore ) Limited ( SGX C21)
  • COSCO International Holdings Ltd.. (SEHK 0517)
  • COSCO Pacific Ltd.. (SEHK 1199)
  • China COSCO Holdings Co. Ltd.. (SEHK 1919)

Container Terminal in Piraeus

In October 2009, COSCO leased in the wake of the Greek financial crisis for 647 million U.S. dollars, half of the container terminal of the port of Piraeus for 35 years. The Chinese operator stood in the criticism because he made cuts in salaries and benefits, trade unionists excluded and the pressure to perform is said to have greatly increased.

Was once everything in deficit, so the network operated by COSCO Container Terminal now generates substantial profits, achieved by increasing efficiency and cutting wages: Previously, the highest annual salary amounted to 181,000 dollars, today it is 23,300 U.S. dollars. In order to modernize the dock 388 million U.S. dollars have been invested by COSCO. The container handling should be by this measure in 2013 at 3.7 million. In the first year doubled the container throughput and the number of employees rose to 1,000 employees.

The successful in this regard, management of the container terminal has COSCO and other Chinese companies become the focus for further investment in the context of Greek privatization measures. The construction of a logistics center for 280 million euros is planned as well as the takeover of the port operator Piraeus Port Authority ( OLP). Further investments in other public companies could follow.

In November 2012, Hewlett -Packard announced plans to make the Container Terminal in Piraeus hub for all its consignments for Europe, Middle East and Africa.

Membership

  • European Liner Affairs Association
Types of business entity Singapore Exchange Hewlett-Packard COSCO Guangzhou Bank of China China Unicom Hua Xia Bank Industrial Bank Co. China Merchants Bank China Minmetals SAIC Motor Hang Seng Index Bank of China (Hong Kong) Bank of East Asia Bank of Communications China Construction Bank Hong Kong Exchanges and Clearing Hang Seng Bank CLP Group The Hong Kong and China Gas Company China Resources China Overseas Land and Investment Limited Hang Lung Properties Henderson Land Development Sino Land Belle International Cathay Pacific Aluminum Corporation of China Limited ChinaCoal China Merchants Holdings International China Mobile China Shenhua Energy Company CITIC Pacific Esprit Holdings Hutchison Whampoa New World Development Want Want China Beijing North Star Baotou Steel China CITIC Bank China Pacific Insurance China Railway Engineering Corporation China Yangtze Power Datong–Qinhuangdao Railway Datang International Power Generation Company Guangzhou–Shenzhen Railway Hansteel Jiangxi Copper Liaoning Chengda Orient Group Poly Real Estate Shanghai International Port (Group) Shanghai Pudong Development Bank Zhenhua Tianjin Port (Group) Company Western Mining Company Yili Group Youngor Group
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