Cosco Shipping confirms acquisition plans

By HeavyLiftPFI2012-12-11T00:00:00+00:00

December 11 - COSCO Shipping Company (COSCOL) has confirmed that it plans to acquire full equity of Guangzhou Ocean Shipping from COSCO Group.

HLPFI understands that Guangzhou Ocean Shipping operates a varied fleet including ships capable of handling heavy lift cargoes and ro-ro shipments, and suspects that this move will help the company expand its fleet and special cargo shipping business, which it has said is an important part of its strategy for future development.

COSCO Shipping was jointly established by Guangzhou Ocean Shipping Company, Guangzhou Ocean Shipping Agency, Shenzhen Ocean Shipping Co Ltd and COSCO Guangzhou International Freight Forwarding Co Ltd in 1999.

In 2002, COSCO Shipping, with registered capital of RMB 468 million, was floated on the Shanghai Stock Exchange under the name of COSCO Shipping and became part of the Shanghai Stock Exchange 180 Index in 2003.

Guangzhou Ocean Shipping Company (Guangzhou COSCO) was established in 1961, as a closed subsidiary member of China Ocean Shipping (Group) Company and claims to be the largest bulk carrier company in China.

www.coscol.com.cn

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