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China Ocean Shipping (Group) Company (COSCO), one of the major multinational enterprises in the world, is China039;s largest and the world039;s leading Group specializing in global shipping, modern logistics and ship building and repairing, ranking the 327th in Fortune Global 500.
Established on April 27th, 1961, COSCO owns and controls over 800 modern merchant vessels with a total tonnage of 56 million DWTs and an annual carrying capacity of 400 million tons. COSCO039;s shipping lines cover over 1,600 ports in more than 160 countries and regions worldwide, and its fleet size ranks the first in China and the second in the world. COSCO is positioned the first in China and the fifth in the world by container fleet size, and is also the first in the world by dry bulk fleet. It takes a lead in the world for comprehensive strengths of professional bulk, multiple-purpose vessel and special vessel fleet. Oil tanker fleet of COSCO is one of the super tanker fleets in the world. COSCO owns and operates 32 terminals worldwide, with 157 berths offered. Statistics released by Drewry in July 2009 show that throughput of container terminals of COSCO Pacific affiliated to COSCO continues to rank among top 5 places in the world.
COSCO owns rich logistics facilities and resources. It operates more than 4,000 logistics vehicles, including large cargo transport vehicle with 289 axes and the largest carrying capacity of 8,000 tons, 2.49 million square meters of storage ground and 2.97 million square meters of warehouse. It provides high value-added services for customers in household, chemical, power and financing sectors. Besides, it also provides logistics services for many key projects home and abroad, such as Qinghai-Tibet Railway, Tianjin Airbus and Indian power station, setting many world records.
COSCO has many ship-building and ship-repairing bases in China, which own a total of 16 docks including 300,000-ton-class docks and 500,000-ton-class docks, with businesses include large-sized ship and ocean engineering construction, refitting and reparation. These bases boast leading production equipment assembling ability and production management level, and takes a lead in the world in terms of indicators such as technical ability, production efficiency and production costs. These bases annually repair and refit over 500 large-sized vessels and build up 8.4 million tons, making it the largest ship-repairing enterprise and most-advanced ship-building enterprise.
COSCO has formed a global structure with Beijing as the center, 9 regional companies in Hong Kong, America, Europe, Singapore, Japan, Australia, Korea, West Asia and Africa as the radiation points. It owns more than 1,000 companies and branches in over 50 countries and regions and hires 130,000 employees in total, of which, 400 are personnel permanently stationed overseas and 4,000 are foreign employees. Total assets of COSCO have exceeded 300 billion RMB, and overseas assets and income have exceeded half of the total, thus forming a complete global business chain comprising of shipping, logistics, terminal, shipbuilding and ship-repairing businesses.
COSCO is one of the earliest Chinese enterprises that enter international capital market. Early in 1993, COSCO Investment was listed in Singapore in form of back-door listing. Currently, it holds controlling shares or shares of listed companies home and abroad including China COSCO, COSCO Pacific, COSCO International, COSCO Investment, COSCO Shipping, COSCO Container Lines, China Merchants Bank, etc. On May 30, 2010, Financial Times, a renowned financial media in the UK, released the latest FT Global 500 list, in which, China COSCO ranked the 450th, the third successive year for China COSCO to be included in the list since 2008.
In the face of serious impacts of international financial crisis and severe challenges of depression of shipping market in 2009, COSCO Group still makes profits and achieves satisfactory operation performance in the most difficult time through its own efforts, laying a solid foundation for recovery and leap-forward development of the enterprise in post-financial crisis era.
As a transnational company in China, COSCO has paid special attention to the shouldering of its wide responsibilities as corporate citizens earlier. COSCO has clearly specify that its obligation is to quot;develop and consolidate its leading position in shipping, logistics, shipbuilding and ship-repairing sectors, maintain the honest and mutual-trust relationships with customers, employees and partners, yield best returns to its shareholders, the society and the environment quot;. In 2001, COSCO has established a comprehensive management system, which includes international environment management system, and occupational safety and health management system, becoming the first Chinese enterprise is certified by the three management systems. In 2004, COSCO joined the UN Global Compact initiative to voluntarily practice the 10 principles of Global Compact and fulfill sustainable development. The sustainable development report of COSCO has been appraised as notable COP by UN Global Compact for four consecutive years, making COSCO to become the only Asian enterprise whose sustainable development report was included in the list of notable COPs for four years in a row.
COSCO has combined the performance of corporate social responsibilities and corporate development strategies, and actively cultivated quot;green competitivenessquot;. Its main indicators for internationalization operation are closing to UN039;s standards for Global 100 transnational companies. It is gradually enhancing its position as a system integrator in international shipping, logistics and ports and ship-building and ship-repairing sectors and is marching towards a leading enterprise in global shipping industry under the principle of quot;globalized development, harmony and mutual benefits quot; and the century vision of quot;building up a century-old COSCOquot;. |
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