In a bid to act in line with Xi Jinping, President of China’s plans for creating a maritime economic corridor, China Cosco Shipping Corp is planning a major streamline in its operations, with plans to downsize its workforce by more than 117,000 people, as well as scrap more of its older vessels, according to the Nikkei Asian Review.
Wang Haimin, Deputy General Manager of China COSCO holdings, said: “Depending on the company's performance and competition in the market, we will scrap an additional 15 vessels or so this year.”
An unnamed industry official said: “The new company could become a threat to the global shipping industry.”
Wan Min, President of China Cosco Shiping Corp, said: “We will continue to expand and increase market share.”
