Against the background of the continued downturn in the shipping industry, China COSCO Shipping Corporation Limited (COSCO Shipping Group) was established in 2016 by the merger of China Ocean Shipping Company (COSCO) and China Shipping Company. Headquartered in Shanghai, COSCO Shipping is a mega state-owned enterprise with a vision to help fulfill the mission of China's economic globalization. Its business is supported by three core industry clusters (shipping, port operation, and integrated logistics) and four value-added services (equipment manufacturing, shipping services, social services, and ‘Internet plus‘ business). By far, COSCO Shipping is the
, with several subsidiaries under the umbrella, such as COSCO Shipping Holdings, COSCO Shipping Lines, and COSCO Shipping Ports. Furthermore, COSCO Shipping is the
.
A challenging but profitable year
Impacted by the COVID-19 pandemic, the war in Ukraine and other regional conflicts, there were multiple periods of disruptions to the global supply chains in the last few years. The shipping industry was characterized by severe port congestion, high freight rates, excessive container dwell time inside ports, etc. However, earnings soared for most shipping giants, and COSCO Shipping Group was no exception.
COSCO Shipping's operating revenue had risen by more than 94 percent, from 48 billion U.S. dollars in 2020 to 93.2 billion U.S. dollars in 2022, . All
business segments recorded revenue gains, particularly in the terminal and related business. Moreover,
COSCO Shipping's gross profit margin jumped from 15 percent in 2020 to more than 32 percent in 2021.
Sailing on the "Belt and Road" wave
Driven by the Belt and Road Initiative (BRI) announced by Chinese President Xi Jinping in 2013,
China's imports and exports with BRI countries have grown substantially in recent years. COSCO Shipping has been promoting its business development into a new era by mainly focusing on emerging markets and strategic locations in BRI. As of December 2021,
COSCO Shipping has invested 79 billion yuan (approx. 11 billion U.S. dollars) in BRI countries and established
167 container liner routes with a capacity of 1.65 million TEU of containers. The Group keeps optimizing its overseas key port networks, thus further enhancing the layout along the Maritime Silk Road. In November 2022, COSCO Shipping was awarded as the outstanding contributor at the 5th China International Import Expo.
Promoting green shipping – a net zero path by 2060
With the recent closure of the
United Nations (UN) 27th Conference of Parties (COP27) in Sharm El Sheikh, Egypt, Beijing recommitted to carbon neutrality before 2060. COSCO Shipping has been actively participating in China’s response to climate change and contributing to the UN Sustainable Development Goals (SDGs), as evidenced by its large
environmental investments over the past years.
COSCO Shipping's greenhouse gas emissions are growing yearly, standing at 25.5 million tons in 2021. But notably, its
nitrogen oxide and
sulfur dioxides emissions have dropped significantly as the Group is switching to methanol, a cleaner marine fuel.
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