COSCO jumps to world's No.2 shipping company

The China Ocean Shipping (Group) Company (COSCO), with a transport capacity of over 35 million tons and more than 600 merchant ships cruising in 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 over 12 billion yuan (1.48 billion US dollars) in 2004. In the first half of 2005, it gained a stunning 10.8 billion yuan (1.33 billion US dollars) in profit.

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

COSCO's shipping lines cover more than 160 countries and regions and over 1,300 ports in the world. The company's assets total 140 billion yuan (17.26 billion US dollars). It has 600 branches in over 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 percent 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.

Source: Xinhua