China Cosco Shipping Corporation, the new shipping conglomerate formed by the merger of Cosco Group and China Shipping Group, will officially be launched and commence operations in Shanghai on February 18.
Earlier week the restructuring plans of Cosco Group and China Shipping Group were approved by shareholders of each listed entities of the two groups.
China Cosco Shipping Corporation is led by Xu Lirong as chairman and Wang Haimin as general manager of the container shipping division. The new combined entity will become the world’s largest shipping line by quite some distance. With 783 vessels worth $22.95bn, the Chinese giant would be more than $10bn and 500 ships in front of second placed AP Moller Maersk, according to data compiled in August from VesselsValue.com.