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China COSCO Shipping Corporation Limited (branded as COSCO Shipping) is a Chinese state-owned multinational marine transportation service conglomerate, headquartered in Shanghai. [2] It was established in January 2016 by the merger between China Ocean Shipping Company and China Shipping Group Company .
On July 24, 2018, COSCO SHIPPING Lines reported a cyber attack to its operations in the United States, Canada, and South America. [16] [17] [18] COSCO later reported that the attack caused minimal disruption to its operations. [19] In 2018, COSCO SHIPPING Holdings acquired Hong Kong-based OOIL, the parent of OOCL, for US$6.3 billion. [20] [21]
COSCO was founded in 1961 as a state-owned shipping and logistics services supplier company. [1] COSCO headquarters is in Ocean Plaza in the Xicheng District in Beijing. [2] [3] It owns 1114 ships, including 365 dry bulk vessels, a container fleet with a capacity of 1,580,000 twenty-foot equivalent units (TEU), and a tanker fleet of 120 vessels ...
Demurrage" / d ɪ ˈ m ʌ r ɪ dʒ / [1] in vessel chartering is the period when the charterer remained in possession of the vessel after the period normally allowed to load and unload cargo . [2] By extension, demurrage refers to the charges that the charterer pays to the ship owner for its delayed operations of loading/unloading. [ 3 ]
Ship Built DWT TEU Flag IMO Notes Chuan He: 1997: 69,285: 5,446 China 9120798: Jin He: 1997: 69,283: 5,446 Panama 9120786: Scrapped in 2017 Lu He: 1997: 69,285: 5,446 ...
At that time, COSCO International was the second largest shareholder of Sino-Ocean Group for 16.85% stake. [14] In 2015, the ultimate parent company, COSCO, merged with China Shipping Group to become China COSCO Shipping, or known as COSCO Shipping. Thus, the listed company was renamed into COSCO Shipping International (Hong Kong) Co., Ltd.. [15]
If the charterer's delay means that laytime is exceeded, a predetermined penalty (i.e. liquidated damages) called "demurrage" is incurred. [5] [6] If the whole period of laytime is not needed, a refund called "despatch" may be payable by the shipowner to the charterer.
In 2003, COSCO Pacific is a co-investor of a phase of Qingdao Qianwan Container Terminal, for 20% shares of the SPV that carry the actual investment. [9] [10] In the same year, COSCO Pacific also formed a joint venture with PSA. [11] In 2008, COSCO Pacific made a bid for a 35-year concession to operate the container port of Piraeus.