Formed from the merger of China Cosco Group and China Shipping Group, the new entity is now abbreviated as Cosco Shipping, ditching its previous abbreviation of Coscocs.
Xu also announced Cosco Shipping’s new group logo with the tagline ‘We are Ready’. The new logo shows two circles of blue and red interlocking, symbolising the logistics supply chain and the group’s global presence across industries and geographical boundaries. The logo also symbolises a focus on a so-called 6+1 industrial clusters, which are shipping, logistics, finance, equipment manufacturing, shipping services, socialised industry, plus business related to the Internet Plus initiative based on business innovation.
The two interlocking circles embody the history of the group which was once Cosco and China Shipping.
Cosco Shipping was officially launched in February this year, after the central government approved the merger in December 2015.
Xu stressed that as one of the largest shipping conglomerate in the world, Cosco Shipping should not only expand in scale, but more importantly it needs to enhance its international competitiveness, capabilities of allocating global resources for sustainable development, and focus on improving customer service.
He added that the group will intensify efforts in energy saving and emission reductions, simulate a shift in corporate values with green development concepts, and place a strong emphasis on environmental protection as a development requirement.
As part of the rebranding ceremony, Cosco Shipping’s charity foundation donated RMB1m ($150,000) to CCICED (China Council for International Cooperation on Environment and Development) for research efforts in protecting the maritime environment and promoting green shipping and sustainable development.
The consolidation of Cosco and China Shipping is considered a key achievement of China’s state-owned enterprises reform, a major initiative for implementing China’s One Belt One Road strategic and cooperative economic development.