China Cosco Shipping in Massive Fleet Plan


In a bid to become a new market leader in the energy transportation sector, China Cosco Shipping has officially launched one of the world’s largest tanker fleets, entitled Cosco Shipping Energy Transportation Company, according to gCaptain.

Sun Jiakang, Chairman of China Cosco, said that the launch of this new tanker fleet is the first step in a much larger plan for becoming a market leader in the energy transportation sector in both China and globally.

This news follows a recent plan announced by the Islamic Republic of Iran Shipping Lines (IRISL) that it had struck a US$2.4 billion deal with South Korean shipyards.

PTI previously reported that Cosco was to purchase a 35% stake in Euromax Container Terminal in Rotterdam in a bid to expand on its European market position.

In order to expand on its global presence further, the company has also recently finalised a deal with the Port of Piraeus to acquire a 67% majority stake in the port.

China Cosco Shipping recently finalised its merger, with follow-up plans to streamline operations by cutting down its workforce by more than 115,000 people, as well as scrap older vessels.

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