China Cosco Shipping Corportion (Coscocs) has officially established its new shipbuilding unit, Cosco Shipping Heavy Industry (CSHI), today.
The new entity has integrated all the shipbuilding assets of Cosco Group and China Shipping Group becoming the nation’s third largest shipbuilding group, with a total annual shipbuilding capacity of 11.55m dwt, as well as significant repair capacity.
Liang Yanfeng, general manager of Cosco Shipyard, has been appointed as the head of CSHI.
According to an earlier announced restructuring plan, CSHI is going to cut its total shipbuilding capacity to 10.6m dwt by the end of 2017 and further reduce capacity to 9.6m dwt by the end of 2020.
Following the merger between Cosco and China Shipping to create the world’s largest shipping company, the enlarged group has gone through extensive structural reorganisation.
China Shipping Container Lines (CSCL) has been renamed Cosco Shipping Development and is now a financial leasing platform. Cosco Pacific has changed its name to Cosco Shipping Ports, while China Shipping Development is now Cosco Shipping Energy Transportation.
The newly merged shipping giant has also created its container shipping unit, China Lines, and bulk shipping unit Cosco Shipping Bulk, headquartered in Shanghai and Guangzhou respectively.
Last week Cosco’s heavylift division, formerly known as Cosco Shipping Company Limited (Coscol), was rebranded too, unveiled as Cosco Shipping Specialised Carriers Co.
