Next year Cosco’s container division will go through an unprecedented growth spurt, larger in size even than when it merged recently with fellow state-run giant China Shipping.
The “relentless growth” at Cosco Shipping forms the lead article in the latest weekly report from container analysts, Alphaliner.
Alphaliner suggests Cosco’s total capacity could hit 3m teu by the end of next year, thanks to absorbing the 710,000 teu fleet of Hong Kong’s OOCL as well as taking delivery of 29 newbuildings with a total capacity of 520,000 teu. Such growth would likely see Cosco jump past France’s CMA CGM into third spot in the global liner rankings, Alphaliner reported.
Cosco earlier this week revealed a share issue plan to help finance 20 of its 29 ships on order. The ships on Cosco’s orderbook – all being built on home soil – range in size from 13,800 teu to 21,250 teu.