:COSCO

China Ocean Shipping Company, or COSCO in short, was founded in 1961 as a Chinese government agency. In the same year, a subsidiary was formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as Guanghua ({{zh|s=光华}}). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961.{{cite news|url=http://sh.people.com.cn/n/2014/0428/c167985-21096534.html|script-title=zh:从“光华轮”到“中远荷兰轮”|date=April 28, 2014|access-date=December 13, 2020|website=people.com.cn|agency=Xinhua News Agency|language=zh-cn}}

After the US resumed diplomatic relations with China in the 1970s, China Ocean Shipping Company signed an agreement with American company Lykes Brothers Steamship Company in 1979. The agreement opens the commercial sea routes between the United States and the People's Republic of China.{{cite news|url=https://www.nytimes.com/1979/02/24/archives/us-and-china-open-ports-to-2way-trade-under-private-accord-usjapan.html|title=U.S. and China Open Ports to 2-Way Trade Under Private Accord|date=February 24, 1979|access-date=December 19, 2020|newspaper=The New York Times}} In the same year, COSCO became the Chinese side representative to collaborate with International Telephone and Telegraph on repairing the communication facilities in the coastal cities of China.{{cite news|url=https://www.nytimes.com/1979/08/07/archives/communication-pact-for-china-and-itt.html|title=Communication Pact For China and I.T.T.|date=August 7, 1979|access-date=December 19, 2020|newspaper=The New York Times}}

In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport.{{cite news|url=https://www.nytimes.com/1981/07/09/business/pakistan-china-oil-deal.html|title=Pakistan-China Oil Deal|date=July 9, 1981|access-date=December 19, 2020|agency=AP|newspaper=The New York Times}}

In 1991 COSCO was asked by the US Federal Maritime Commission (FMC) to submit information regarding Chinese Government restricting U.S.-flag carriers on doing business in China. COSCO asked FMC to drop its probe instead.{{cite news |date=May 20, 1991 |title=COSCO HITS FMC INVESTIGATION OF CHINA'S MARITIME PRACTICES |url=https://www.joc.com/maritime-news/cosco-hits-fmc-investigation-chinas-maritime-practices_19910520.html |access-date=December 19, 2010 |website=joc.com}} FMC also investigated COSCO for its pricing behavior in 1997, but stated there was not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor.{{cite news |date=June 22, 1997 |title=COSCO UNDER A MICROSCOPE |url=https://www.joc.com/cosco-under-microscope_19970622.html |access-date=December 19, 2010 |website=joc.com}}

In August 1993, COSCO's ship Yinhe, was anchored off the coast of Oman. US government alleged that the ship carried material exported to Iran, which could be used to make chemical weapons. COSCO claimed that the ship only contained "paper goods, hardware and machine parts".{{cite news |date=August 15, 1993 |title=China Says Cargo Ship Will Anchor Off Oman |url=https://www.nytimes.com/1993/08/15/world/china-says-cargo-ship-will-anchor-off-oman.html |url-access=limited |access-date=December 19, 2020 |newspaper=The New York Times |agency=Reuters}} In what became known as the Yinhe incident, United States military vessels and aircraft followed the Yinhe, disrupting its normal travel route.{{Cite journal |last1=Cheng |first1=Joseph Y.S. |last2=Ngok |first2=King-Lun |date=2004 |title=The 2001 "Spy" Plane Incident Revisited: the Chinese Perspective |url=https://dx.doi.org/10.1007/BF02876957 |journal=Journal of Chinese Political Science |volume=9 |issue=1 |pages=63–83 |doi=10.1007/BF02876957 |s2cid=153665643}}{{Rp|page=69}} The United States unilaterally disabled the Yinhe's civilian GPS, causing it lose direction and anchor on the high seas for twenty-four days until it agreed to inspection.{{Cite book |last=Zhao |first=Suisheng |url= |title=The Dragon Roars Back: Transformational Leaders and Dynamics of Chinese Foreign Policy |date=2023 |publisher=Stanford University Press |isbn=978-1-5036-3415-2 |pages=63 |doi=10.1515/9781503634152}}{{Cite web |date=2020-07-03 |title=The Big Dipper: China's Rival to GPS Becomes an Investment Star |url=https://www.weekinchina.com/2020/07/the-big-dipper-2/ |access-date=2023-06-30 |website=Week In China |language=en-US}} The Yinhe experienced shortages of water and fuel.{{Rp|pages=69-70}} The inspection, which occurred in Saudi Arabia did not find any improper chemicals{{Cite book |last=Zhao |first=Suisheng |url= |title=The Dragon Roars Back: Transformational Leaders and Dynamics of Chinese Foreign Policy |date=2023 |publisher=Stanford University Press |isbn=978-1-5036-3415-2 |pages=63 |doi=10.1515/9781503634152}} and on September 4, representatives of the Chinese, Saudi and United States governments jointly signed a certification that the ship's cargo did not contain materials related to chemical weapons.{{Cite book |last=He |first=Kai |title=China's Crisis Behavior: Political Survival and Foreign Policy after the Cold War |date=2016 |publisher=Cambridge University Press |isbn=978-1-107-14198-8 |location=Cambridge}}{{Rp|page=54}}

The company became a holding company and renamed as China Ocean Shipping (Group) Company in 1993.{{cite web|url=http://www.coscoshipping.com/col/col6862/index.html|script-title=zh:发展沿革|trans-title=Company History|access-date=December 19, 2020|publisher=COSCO Shipping|language=zh-cn}}{{primary source inline|date=December 2020}} Two other government owned companies, China Marine Bunker Supply Company (Chimbusco in short) and China Road Transport Company, which engaged in oil tanker and road transport businesses respectively, became the subsidiaries of the group in 1988 and 1992 respectively. China Road Transport Company was renamed into COSCO Logistics in 2001 (now part of COSCO Shipping Logistics). As of 2003, COSCO Logistics engaged in shipping agency, freight forwarding, third party logistics and supporting services.{{cite press release|url=https://doc.irasia.com/listco/hk/coscoship/circulars/c031013.pdf|title=Connected Transaction|date=October 13, 2003|access-date=December 19, 2020|publisher=COSCO Pacific|pages=6–8}}{{primary source inline|date=December 2020}} While Chimbusco became a joint venture with PetroChina since 2003.{{cite news|url=https://www.tradewindsnews.com/daily/petrochina-inks-chimbusco-stake/1-1-78839|title=PetroChina inks Chimbusco stake|date=March 11, 2003|access-date=December 19, 2020|website=tradewindsnews.com|url-access=limited}}

COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings{{efn|name=COSCOInternational}} in February 1997.{{cite news|url=https://www.scmp.com/article/186511/shun-shing-set-takeover-cosco-nets-61pc|title=Shun Shing set for takeover as Cosco nets 61pc|date=February 28, 1997|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}} Hong Kong was a British colony until June 30, 1997, and has been a special administrative region of China with a separate jurisdiction system since July 1. Another subsidiary of COSCO HK at that time, COSCO Pacific,{{efn|name=COSCOPacific}} was a HK-listed company since 1994. COSCO Pacific has a joint venture with Hongkong International Terminals Limited, which operates a terminal in Kwai Tsing Container Terminals, Hong Kong since 1991.{{cite web|url=https://www.hit.com.hk/en/About-Hit/Milestones.html|title=Milestones|date=2020|access-date=14 December 2020|publisher=Hongkong International Terminals}} COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%. COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997{{cite news|url=https://www.wsj.com/articles/SB869000250345617000|title=Cosco Pacific Buys 20% Of Liu Chong Hing Bank|date=July 16, 1997|access-date=December 19, 2020|newspaper=The Wall Street Journal|url-access=limited}} to 2007. In 2007 the stake was sold to the parent company, COSCO HK.{{cite news|url=https://www.scmp.com/article/605415/cosco-pacific-sell-20pc-stake-chong-hing|title=Cosco Pacific to sell 20pc stake in Chong Hing|date=August 25, 2007|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}}{{cite report|url=http://www.chbank.com/en/pdf/2008/chbank_annual_report_2008_eng.pdf|title=Annual Report 2008|date=2009|access-date=December 19, 2020|publisher=Chong Hing Bank}}

In 1995, another subsidiary, COSCO Corporation (Singapore) Limited,{{efn|name=SG}} became a listed company in Singapore Exchange.{{cite news|url=http://www.gmw.cn/01gmrb/1998-10/26/GB/17857%5EGM6-2625.HTM|script-title=zh:面对经济全球化 中远打出创新牌|newspaper=Guangming Daily|date=October 26, 1998|access-date=December 19, 2020|language=zh-cn}} The company was a component of Straits Times Index until 2010.{{cite news|url=https://www.seatrade-maritime.com/asia/cosco-corp-replaced-captiamalls-asia-straits-times-index|title=Cosco Corp replaced by CaptiaMalls Asia on Straits Times Index|date=March 15, 2010|access-date=December 19, 2020|website=seatrade-maritime.com}}

COSCO acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. It became COSCO Development,{{efn|name=Development}} which engaged in real estate. The direct parent company of COSCO Development was sold in 2005, thus COSCO Development was no longer part of the COSCO Group.{{cite news|url=https://business.sohu.com/20060315/n242303592.shtml|script-title=zh:三林集团力挺中远发展地产业务|date=March 15, 2006|access-date=December 19, 2020|newspaper=China Securities Journal| language=zh-cn|via=Sohu news portal}} Also in 2005, COSCO Group acquired a company from COSCO Development.{{cite news|url=https://business.sohu.com/20050613/n225917304.shtml|script-title=zh:中远发展向中远集团转让资产|date=June 13, 2005|access-date=December 19, 2020|newspaper=Shanghai Securities News|language=zh-cn|via=Sohu}} That company was the operator of Boao Forum for Asia.{{primary source inline|date=December 2020}}

In 1997, Dianne Feinstein and Barbara Boxer, United States senators from California, had asked the Clinton administration to investigate COSCO's leasing on a former naval base in Long Beach. The site was developed into a container port terminal, Pacific Container Terminal.{{cite news |date=March 13, 1997 |title=Senators Ask for Inquiry on Leasing of California Base to Chinese |url=https://www.nytimes.com/1997/03/13/us/senators-ask-for-inquiry-on-leasing-of-california-base-to-chinese.html |url-access=limited |access-date=December 19, 2020 |newspaper=The New York Times |agency=Reuters}}

In 2002, another subsidiary, COSCO Shipping Co., Ltd.,{{efn|name=specialized}} became a listed company in Shanghai.

In 2004, COSCO formed a joint venture with fellow Central Government owned Ansteel Group (Angang Group).{{cite news|url=http://finance.sina.com.cn/jygl/20040303/1039652959.shtml|script-title=zh:中远鞍钢联手成立航运公司 开拓物流产业领域|newspaper=Nanfang Daily|date=March 3, 2004|access-date=December 19, 2020|language=zh-cn|via=Sina news portal}}

In 2005, the flagship subsidiary of COSCO, China COSCO Holdings, became a listed company.{{cite news|url=https://www.scmp.com/article/511329/candidates-buoyed-successful-run-ipos|title=Candidates buoyed by successful run of IPOs

|date=August 8, 2005|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong}} The A share of China COSCO Holdings was listed in Shanghai since 2007.{{cite news|url=https://www.scmp.com/article/597452/shipping-giants-share-ipo-raises-15b-yuan|title=Shipping giant's A-share IPO raises 15b yuan|date=30 June 2007|access-date=December 19, 2020|newspaper=South China Morning Post|location=Hong Kong|first=Denise|last=Tsang}}

After the post-2008 financial crisis collapse of global shipping, COSCO began gradually acquiring the Greek port of Piraeus.{{Cite book |last1=Curtis |first1=Simon |title=The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order |last2=Klaus |first2=Ian |publisher=Yale University Press |isbn=9780300266900 |location=New Haven and London |publication-date=2024}}{{Rp|page=68}} Under COSCO, Piraeus has become a busy port, rising from traffic of 400,000 containers in 2008 to nearly five million containers in 2018.{{Rp|page=68}} Most European trade with China occurs via Greek ships, including through Piraeus.{{Rp|page=68}}

During the 2022 Russian invasion of Ukraine, most shipping companies halted all container shipping to Russia, except for basic food products, medicine and humanitarian aid. The exception is COSCO which continues to ship to Russia, and was the largest shipping company to do so.{{Cite web |title=World's Largest Container Lines Shun Russian Ports |url=https://www.maritime-executive.com/article/world-s-largest-container-lines-shun-russian-ports |access-date=2022-03-06 |website=The Maritime Executive |language=en}}

In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as China Tally in short), was merged into COSCO Group.{{cite press release|url=http://www.sasac.gov.cn/n2588035/n2641579/n2641660/c3753761/content.html|script-title=zh:关于中国远洋运输（集团）总公司与中国外轮理货总公司重组的通报|date=March 7, 2005|access-date=December 19, 2020|publisher=企业改革局 of the SASAC of the State Council|language=zh-cn|archive-date=January 31, 2023|archive-url=https://web.archive.org/web/20230131003740/http://www.sasac.gov.cn/n2588035/n2641579/n2641660/c3753761/content.html|url-status=dead}}

In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time.{{cite news|url=http://news.sina.com.cn/c/2008-07-29/083614234058s.shtml|script-title=zh:国酒茅台上榜全球市值前500强|date=July 29, 2008|access-date=December 19, 2020|newspaper=贵州都市报|via=Sina news portal|language=zh-cn}}

By 2015, after more than 5 decades, COSCO Group expanded into one of the major shipping company of the country. It also had a few listed subsidiaries: COSCO Pacific, COSCO International Holdings, China COSCO Holdings, China International Marine Containers, etc., . Real estate developer, Sino-Ocean Group, was an associate company of COSCO until 2010.

In December 2015, COSCO Group merged with fellow Chinese Government owned China Shipping Group{{cite news|url=https://www.straitstimes.com/business/companies-markets/china-shipping-groups-merger-plan-erases-s127b-in-market-value-cosco-corp|title=China shipping groups merger plan erases S$1.27b in market value, Cosco Corp Singapore hit|newspaper=The Straits Times|location= Singapore |agency=Bloomberg|date=December 14, 2015|access-date=December 12, 2020}} to form China COSCO Shipping. COSCO Group was retained as an intermediate holding company.

In December 2017, COSCO Group (China Ocean Shipping (Group) Company) was re-incorporated from "An industrial enterprise owned by the whole people" to simply a limited company. The name of the company, also changed to China Ocean Shipping Company, Limited ({{zh|s=中国远洋运输有限公司}}).{{cite press release|url=https://www1.hkexnews.hk/listedco/listconews/sehk/2017/1213/ltn20171213680_c.pdf|script-title=zh:关于控股股东改制更名及相关工商登记事项变更的公告 |date=December 13, 2017|access-date=December 12, 2020|publisher=COSCO Shipping Holdings |language=zh-cn|via=hkexnews.hk}}

COSCO contains several listed companies and has more than 300{{citation needed|date=December 2020}} subsidiaries locally and abroad, providing services in freight forwarding, ship building, ship repair, terminal operation, container manufacturing, trade, financing, real estate, and information technology.{{cite web|url=http://www.cosco.com/en/fleet/index.jsp|title=Fleet|publisher=COSCO Group|access-date=4 April 2010|url-status=dead|archive-url=https://web.archive.org/web/20100329161021/http://www.cosco.com/en/fleet/index.jsp|archive-date=29 March 2010}}

On the eve of 2015 merger, COSCO Group has a few listed companies:{{cite news|url=http://energy.people.com.cn/n/2015/1211/c71661-27914877.html|script-title=zh:中远中海合并方案将很快出台 集运将成整合重点|date=11 December 2015|access-date=20 December 2020|newspaper=China Securities Journal|language=zh-cn|via=people.com.cn}}

• China COSCO Holdings (SEHK: 1919; SSE: 601919) - flagship listed subsidiary, also known as "China COSCO" or "COSCO Holdings"
• COSCO Pacific (SEHK: 1199) - port operator and investor. Significantly (43.63%) owned by China COSCO Holdings as of 31 December 2015{{cite report|chapter-url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/E_COSCO019_2015AW.pdf|title=2015 Annual Report|chapter=Report of the Directors|date=2016|access-date=20 December 2020|publisher=COSCO Pacific|page=96}}
• COSCO International (SEHK: 517)
• COSCO Shipping Co., Ltd. (SSE:600428) - engaged in specialized carriers. COSCO owned 50.58% shares directly.{{cite report|url=http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2016-04-09/600428_2015_n.pdf|script-title=zh:2015年年度报告|trans-title=2015 Annual Report|date=2016|access-date=December 19, 2020|publisher=COSCO Shipping Co., Ltd.|language=zh-cn|pages=8, 32}}
• COSCO Corporation (Singapore) (SGX:F83)
• Cosco SHIPPING Lines (Japan) {{citation needed|date=December 2020}}

Moreover, China International Marine Containers is an associate company of the group, which COSCO indirectly owned 22.77% shares of that listed company as of December 2015.{{cite report|chapter-url=http://asia.blob.euroland.com/press-releases-attachments/1143281/HKEX-EPS_20160425_002493399-0.PDF|title=2015 Annual Report|chapter=Changes in Share Capital and Information on Shareholders|page=113|date=2016|access-date=20 December 2020|publisher=China International Marine Containers|via=euroland.com}} The stake was owned by COSCO Pacific until 2013.{{cite news|url=https://www.yicai.com/news/2719697.html|script-title=zh:中远太平洋悉售中集集团21.8%股权 套现95亿港元|date=21 May 2013|access-date=20 December 2020|website=yicai.com|language=zh-cn}}

As of 2000, COSCO also owned 30% stake of China Cargo Airlines.{{cite news|url=https://www.nytimes.com/2000/09/08/business/international-business-taiwan-airline-to-invest-in-a-china-eastern-unit.html|title=Taiwan Airline to Invest in a China Eastern Unit|date=September 8, 2000|access-date=December 19, 2020|newspaper=The New York Times|url-access=limited}}

COSCO also had an unlisted business unit in Hong Kong, which was known as COSCO (Hong Kong) Group Limited. COSCO (H.K.) Group was the direct parent company of COSCO Pacific (valid until December 2004{{cite report|chapter-url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/04ar.pdf|title=2004 Annual Report|chapter=Report of the directors|date=2005|access-date=20 December 2020|publisher=COSCO Pacific|pages=90–91}}{{cite report|url=https://ports.coscoshipping.com/en/Investors/IRHome/FinancialReports/pdf/05ar.pdf|title=2005 Annual Report|date=2006|access-date=20 December 2020|publisher=COSCO Pacific}}) and COSCO International.{{cite report|chapter-url=http://hk.coscoshipping.com/media/1172/2015-ar-eng.pdf|title=2015 Annual Report|chapter=Directors' Report|date=2016|access-date=20 December 2020|publisher=COSCO International|page=114 }} COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific and COSCO International{{cite report|url=http://hk.coscoshipping.com/media/1139/ar-2007-final-english-25-4-2008.pdf|title=2007 Annual Report|date=2008|access-date=14 December 2020|publisher=COSCO International|page=9 }} respectively in 2007.

{{Main|Full City oil spill}}

On 31 July 2009, the Panama-flagged bulk carrier, Full City, operated by COSCO Group's HK division,{{cite news|url=https://www.tradewindsnews.com/weekly/cosco-hk-is-named-as-owner-behind-full-city/1-1-219193|title=Cosco HK is named as owner behind 'Full City'|date=20 August 2009|access-date=20 December 2020|website=tradewindsnews.com|url-access=limited}} experienced engine failure and ran aground near Langesund, Telemark, Norway, during a storm, spilling 200 tons of heavy bunker fuel oil in an ecologically and environmentally sensitive wildlife area.{{cite news | author=Wojciech Moskwa | title=Norway police charge ship captain after fuel spill | url=https://www.reuters.com/article/latestCrisis/idUSL391060 | work=Reuters | date=3 August 2009| access-date=16 May 2010}}

{{Portal|Companies}}

• COSCO fleet lists
• List of oil spills
• Shipping industry of China
• List of container shipping companies by ship fleets and containers
• Chipolbrok

{{notelist|refs=

{{efn|name=COSCOPacific|As of 2020, the company is known as COSCO Shipping Ports}}

{{efn|name=COSCOInternational|After the acquisition, the listed company was known as COSCO International. As of 2020, is known as COSCO Shipping International (Hong Kong)}}

{{efn|name=SG|As of 2020, the company is known as COSCO Shipping International (Singapore)}}

{{efn|name=Development|COSCO Development and COSCO Shipping Development are not the same company. As of 2020, the listed company that formerly known as COSCO Development, is known as Shanghai Wanye Enterprises and no longer a real estate company}}

{{efn|name=specialized|COSCO Shipping Co., Ltd. and China COSCO Shipping are not the same company. China COSCO Shipping is the ultimate parent company of the group. After the 2015 merger, COSCO Shipping Co., Ltd. was renamed COSCO Shipping Specialized Carriers Co., Ltd.}}

}}

;general

• {{cite journal|title=China Ocean Shipping (Group) Company|volume=128|journal=International Directory of Company History |editor-first=Karen|editor-last=Hill|first=Christopher|last=Kasic|date=2012|publisher=Gale}}

;specific

{{Reflist}}

{{Commons category|COSCO}}

{{Shipping companies of China}}

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{{DEFAULTSORT:Cosco}}

Category:Transport companies established in 1961

Category:Conglomerate companies of China

Category:Crane manufacturers

Category:Defunct government-owned companies of China

Category:Shipping companies of China

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Category:Chinese companies established in 1961