China’s Largest Shipping Firm Dominates Global Shipping Business

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Cosco Shipping Group, China’s largest shipping company, claims to transport one-tenth of the world’s cargo and to operate over 5% of the world’s fleet by deadweight as reported by Seatrade-Maritime.

Global shipping business

Following the merger of Cosco Shipping and China Shipping six years ago, the Chinese behemoth maintained its dominance in the global shipping business.

Cosco Shipping Group’s fleet capacity has increased by 40% since the merger, to 110 million dwt, or 5.2% of worldwide shipping capacity, which was 2.1 billion tonnes in 2021, according to UNCTAD. The maritime company’s annual cargo volume has surpassed 1.36 billion tonnes, up 55% from pre-merger levels.

Sustainable development

“Currently, we have 18,000 seafarers navigating on the 1,265 ships globally, carrying 86.2m tons cargos,” Fu Gangfeng, general manager of Cosco Shipping Group said at a China national top brands awards ceremony.

The group is actively promoting sustainable development and green shipping, which has launched an in-depth study of implementing China’s targets to achieve cargo peaking and neutrality. 

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Source: Seatrade-Maritime

 

 

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