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Coscocs to expand container shipping capacity to 2m teu by 2018

Coscocs to expand container shipping capacity to 2m teu by 2018
China Cosco Shipping Corporation (Coscocs) has revealed an ambitious plan to increase its container shipping capacity over the next three years, China Daily reported.

The newly merged Coscocs plans to achieve a 2m teu container shipping capacity by end-2018, up from the current 1.58m teu, which today makes it the fourth largest carrier globally.

The combined container shipping capacity of the merged China Cosco and China Shipping Group ranks behind Maersk Line, Mediterranean Shipping Company and CMA CGM.

Wan Min, general manager of Coscocs, was quoted by the local media as saying that the share of Chinese companies in major shipping lines is relatively small, and the new Coscocs goal would raise China’s standing in the international stage.

Coscocs is looking to expand beyond its usual container shipping services on Asia-Africa and China-Southeast lanes, and focus on the major trade lanes of Asia-Europe and Asia-America.

Coscocs was officially launched in Shanghai on 18 February, creating a company with the world’s largest dry bulk and tanker fleet capacity.

Apart from conventional shipping, businesses such as multimodal transportation, warehouse network development, shipping insurance services, offshore engineering equipment manufacturing, hospital and hotel management are all part of the newly formed conglomerate’s scope in the long term.

Coscocs will continue with its complex merger process, and expects to complete the reorganisation of its container business by end-March, and to restructure resources and staff at its dry bulk shipping and logistics companies from April.