Cosco Shipping Development, the financing arm of Chinese state giant Cosco Shipping, has appointed Liu Chong as its new chairman, replacing Wang Daxiong, who has retired.
Chong was previously the general manager and executive director of Cosco Shipping Development and also serves as vice-chairman of China International Marine Containers (CIMC), the world’s largest container manufacturer.
His role as general manager has been filled by Zhang Mingwen, former chief accountant of Cosco Shipping Holdings and CFO of Orient Overseas.
Cosco Shipping Development, formerly China Shipping Container Lines (CSCL), was transformed from a container line operator to a leasing unit after Cosco and China Shipping completed a merger in 2016. The company’s leasing portfolio consists of nearly 200 ships and a container capacity of over 3.7m teu.