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29-606: COSCO was founded in 1961 as a state-owned shipping and logistics services supplier company. COSCO headquarters is in Ocean Plaza in the Xicheng District in Beijing . 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. The fleet calls at over a thousand ports worldwide. It ranks among

58-606: A holding company and renamed as China Ocean Shipping (Group) Company in 1993. Two other government owned companies, China Marine Bunker Supply Company ( Chimbusco in short) and China Road Transport Company, which engaged in oil tanker and road transport businesses respectively, became the subsidiaries of the group in 1988 and 1992 respectively. China Road Transport Company was renamed into COSCO Logistics in 2001 (now part of COSCO Shipping Logistics). As of 2003, COSCO Logistics engaged in shipping agency, freight forwarding, third party logistics and supporting services. While Chimbusco became

87-553: A company from COSCO Development. That company was the operator of Boao Forum for Asia . In 1997, Dianne Feinstein and Barbara Boxer , United States senators from California, had asked the Clinton administration to investigate COSCO's leasing on a former naval base in Long Beach. The site was developed into a container port terminal, Pacific Container Terminal. In 2002, another subsidiary, COSCO Shipping Co., Ltd. , became

116-580: A joint venture with Hongkong International Terminals Limited, which operates a terminal in Kwai Tsing Container Terminals , Hong Kong since 1991. COSCO Pacific acquired 49% stake of COSCO Logistics from the parent company in 2003. COSCO retained the remaining 51%. COSCO Pacific also owned 20% stake of Hong Kong-based Chong Hing Bank from 1997 to 2007. In 2007 the stake was sold to the parent company, COSCO HK. In 1995, another subsidiary, COSCO Corporation (Singapore) Limited, became

145-496: A joint venture with PetroChina since 2003. COSCO has a Hong Kong division which the division acquired a HK-listed company Shun Shing Holdings in February 1997. Hong Kong was a British colony until June 30, 1997, and has been a special administrative region of China with a separate jurisdiction system since July 1. Another subsidiary of COSCO HK at that time, COSCO Pacific , was a HK-listed company since 1994. COSCO Pacific has

174-467: A listed company in Shanghai. In 2004, COSCO formed a joint venture with fellow Central Government owned Ansteel Group ( Angang Group). In 2005, the flagship subsidiary of COSCO, China COSCO Holdings , became a listed company. The A share of China COSCO Holdings was listed in Shanghai since 2007. After the post- 2008 financial crisis collapse of global shipping, COSCO began gradually acquiring

203-545: A listed company in Singapore Exchange. The company was a component of Straits Times Index until 2010. COSCO acquired a Shanghai -listed company in 1997 as a vehicle of backdoor listing . It became COSCO Development , which engaged in real estate. The direct parent company of COSCO Development was sold in 2005, thus COSCO Development was no longer part of the COSCO Group. Also in 2005, COSCO Group acquired

232-568: A storm, spilling 200 tons of heavy bunker fuel oil in an ecologically and environmentally sensitive wildlife area. Shipping Freight transport , also referred to as freight forwarding , is the physical process of transporting commodities and merchandise goods and cargo . The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well. " Logistics ",

261-423: A term borrowed from the military environment, is also used in the same sense. In 2015, 108 trillion tonne-kilometers were transported worldwide (anticipated to grow by 3.4% per year until 2050 (128 Trillion in 2020)): 70% by sea, 18% by road, 9% by rail, 2% by inland waterways and less than 0.25% by air. Land or "ground" shipping can be made by train or by truck (British English: lorry ). Ground transport

290-400: Is COSCO which continues to ship to Russia, and was the largest shipping company to do so. In 2005, a smaller Central Government owned company, China Ocean Shipping Tally (known as China Tally in short), was merged into COSCO Group. In 2008, China COSCO Holdings was part of Financial Times Global 500 for the first time. By 2015, after more than 5 decades, COSCO Group expanded into one of

319-515: Is compared to standard shipping, the price of which typically includes only the expenses incurred by the shipping company in transferring the object from one place to another. Customs fees, import taxes and other tariffs may contribute substantially to this base price before the item ever arrives. COSCO Pacific Too Many Requests If you report this error to the Wikimedia System Administrators, please include

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348-431: Is shipped under a single contract but performed using at least two different modes of transport (e.g. ground and air). Cargo may not be containerized. Multimodal transport featuring containerized cargo (or intermodal container ) that is easily transferred between ship, rail, plane and truck. For example, a shipper works together with both ground and air transportation to ship an item overseas. Intermodal freight transport

377-402: Is transported by air in specialized cargo aircraft and in the luggage compartments of passenger aircraft. Air freight is typically the fastest mode for long-distance freight transport, but it is also the most expensive. Cargo is exchanged between different modes of transportation via transport hubs , also known as transport interchanges or Nodes (e.g. train stations, airports, etc.). Cargo

406-400: Is typically more affordable than air, but more expensive than sea, especially in developing countries , where inland infrastructure may not be efficient. In air and sea shipments, ground transport is required to take the cargo from its place of origin to the airport or seaport and then to its destination because it is not always possible to establish a production facility near ports due to

435-522: Is used to plan the route and carry out the shipping service from the manufacturer to the door of the recipient. The Incoterms (or International Commercial Terms) published by the International Chamber of Commerce (ICC) are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of the most commonly used terms in international trade. Common terms include: The term "best way" generally implies that

464-653: The Yinhe 's civilian GPS, causing it lose direction and anchor on the high seas for twenty-four days until it agreed to inspection. The Yinhe experienced shortages of water and fuel. The inspection, which occurred in Saudi Arabia did not find any improper chemicals and on September 4, representatives of the Chinese, Saudi and United States governments jointly signed a certification that the ship's cargo did not contain materials related to chemical weapons. The company became

493-491: The Greek port of Piraeus . Under COSCO, Piraeus has become a busy port, rising from traffic of 400,000 containers in 2008 to nearly five million containers in 2018. Most European trade with China occurs via Greek ships, including through Piraeus. During the 2022 Russian invasion of Ukraine , most shipping companies halted all container shipping to Russia, except for basic food products, medicine and humanitarian aid. The exception

522-618: The commercial sea routes between the United States and the People's Republic of China. In the same year, COSCO became the Chinese side representative to collaborate with International Telephone and Telegraph on repairing the communication facilities in the coastal cities of China. In 1981, COSCO won a contract from the Pakistani Government owned National Tanker Company of Pakistan, for crude oil transport. In 1991 COSCO

551-479: The eve of 2015 merger, COSCO Group has a few listed companies : Moreover, China International Marine Containers is an associate company of the group, which COSCO indirectly owned 22.77% shares of that listed company as of December 2015. The stake was owned by COSCO Pacific until 2013. As of 2000, COSCO also owned 30% stake of China Cargo Airlines . COSCO also had an unlisted business unit in Hong Kong, which

580-547: The largest in both number of container ships and aggregate container volume in the world. In 2012, it was among China's top 15 brands. It was the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide. In addition, the Group is the largest liner carrier in China. COSCO division COSCO Shipping Port Company manages the company's port operations. China Ocean Shipping Company, or COSCO in short,

609-560: The limited coastlines of countries. Much freight transport is done by cargo ships . An individual nation's fleet and the people that crew it are referred to as its merchant navy or merchant marine. According to a 2018 report from the United Nations Conference on Trade and Development (UNCTAD) , merchant shipping (or seaborne trade) carries 80-90% of international trade and 60-70% by value. On rivers and canals , barges are often used to carry bulk cargo . Cargo

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638-431: The major shipping company of the country. It also had a few listed subsidiaries: COSCO Pacific, COSCO International Holdings , China COSCO Holdings , China International Marine Containers , etc., . Real estate developer, Sino-Ocean Group , was an associate company of COSCO until 2010. In December 2015, COSCO Group merged with fellow Chinese Government owned China Shipping Group to form China COSCO Shipping. COSCO Group

667-477: The same piece of equipment and avoiding multiple transactions, trans-loading, and cross-docking without interim storage. International DTD is a service provided by many international shipping companies and may feature intermodal freight transport using containerized cargo . The quoted price of this service includes all shipping, handling, import and customs duties, making it a hassle-free option for customers to import goods from one jurisdiction to another. This

696-441: The shipper will choose the carrier that offers the lowest rate (to the shipper) for the shipment. In some cases, however, other factors, such as better insurance or faster transit time, will cause the shipper to choose an option other than the lowest bidder. Door-to-door ( DTD or D2D ) shipping refers to the domestic or international shipment of cargo from the point of origin (POI) to the destination while generally remaining on

725-480: Was anchored off the coast of Oman . US government alleged that the ship carried material exported to Iran, which could be used to make chemical weapons. COSCO claimed that the ship only contained "paper goods, hardware and machine parts". In what became known as the Yinhe incident , United States military vessels and aircraft followed the Yinhe, disrupting its normal travel route. The United States unilaterally disabled

754-523: Was asked by the US Federal Maritime Commission (FMC) to submit information regarding Chinese Government restricting U.S.-flag carriers on doing business in China. COSCO asked FMC to drop its probe instead. FMC also investigated COSCO for its pricing behavior in 1997, but stated there was not enough evidence to launch a formal probe on alleged under-pricing its service to eliminate competitor. In August 1993, COSCO's ship Yinhe ,

783-691: Was founded in 1961 as a Chinese government agency . In the same year, a subsidiary was formed in Guangzhou, Guangdong Province. The Guangzhou subsidiary purchased a British vessel and renamed it as Guanghua ( Chinese : 光华 ). Guanghua made its maiden voyage to Jakarta for the People's Republic of China in April 1961. After the US resumed diplomatic relations with China in the 1970s, China Ocean Shipping Company signed an agreement with American company Lykes Brothers Steamship Company in 1979. The agreement opens

812-596: Was known as COSCO (Hong Kong) Group Limited. COSCO (H.K.) Group was the direct parent company of COSCO Pacific (valid until December 2004) and COSCO International . COSCO (H.K.) Group bought the 20% stake of Chong Hing Bank and the entire stake of Shun Shing Construction from COSCO Pacific and COSCO International respectively in 2007. On 31 July 2009, the Panama -flagged bulk carrier , Full City , operated by COSCO Group's HK division, experienced engine failure and ran aground near Langesund , Telemark , Norway , during

841-626: Was retained as an intermediate holding company . In December 2017, COSCO Group (China Ocean Shipping (Group) Company) was re-incorporated from "An industrial enterprise owned by the whole people" to simply a limited company . The name of the company, also changed to China Ocean Shipping Company, Limited ( Chinese : 中国远洋运输有限公司 ). COSCO contains several listed companies and has more than 300 subsidiaries locally and abroad, providing services in freight forwarding , ship building , ship repair, terminal operation, container manufacturing, trade, financing, real estate , and information technology . On

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