Greater China

Aug 31, 2005

Cosco second in shipping

BEIJING - The China Ocean Shipping (Group) Company (COSCO), with a transport capacity of more than 35 million tons and more than 600 merchant ships cruising the world, has grown into the world's second-largest shipping company.

According to COSCO's vice-president Zhang Fusheng, the company registered a profit of more than 12 billion yuan (US$1.48 billion) in 2004. In the first half of 2005, it had 10.8 billion yuan in profit.

"We always stress honesty and mutual trust to maintain a good relationship between customers, staff and our partners," Zhang said.

COSCO's shipping lines cover more than 160 countries and regions as well as at least 1,300 ports in the world. The company's assets total 140 billion yuan. It has 600 branches in more than 50 countries and regions in the world.

On June 30 this year, China COSCO Holdings Company Limited

was listed in Hong Kong, making it COSCO's eighth company to go public overseas. Up to now, COSCO's main businesses - shipping, logistics and shipbuilding - have entered into the capital market, accounting for 50% of the company's assets.

"With standardized corporate governance, COSCO's competitiveness keeps enhancing," said Zhang, who also noted that the company's shipping quantity may exceed 300 million tons this year.

(Asia Pulse/XIC)

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