COSCO Shipping Development Co., Ltd., stylized as COSCO SHIPPING Development is a financial services company based in

Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...

China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...

. It was known as China Shipping Container Lines (CSCL) and was among the world's largest container liner companies. It exited the container shipping business and was renamed to COSCO SHIPPING Development because of the COSCO-China Shipping merger in 2016. As CSCL, the company was ranked 1503rd in 2012 edition of ''

Forbes Global 2000 The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by: sales, profit, assets and market value. The list has been published annually since 2003. By country Forbes Global 2000 as of 2023: ...

''.

History

In 1997, the Chinese government founded China Shipping Group as a SOE. That same year, China Shipping Container Lines Co. Ltd (CSCL) was founded in Shanghai as a subsidiary of China Shipping Group. China Shipping container2

After China joined the

WTO The World Trade Organization (WTO) is an intergovernmental organization headquartered in Geneva, Switzerland that regulates and facilitates international trade. Governments use the organization to establish, revise, and enforce the rules that g ...

in 2001, CSCL grew rapidly, playing a major role in supporting China's economic advancement and international trade. With continued support from the Chinese government, CSCL's global TEU market share increased 126% between 2000 and 2006, becoming the second fastest growing container carrier in the world. In 2004, CSCL became the world's tenth largest ocean container line in terms of TEU capacity, and in 2007, it became the world's sixth largest. In 2005, CSCL was named the “World’s Most Profitable Container Liner Company” by the journal American Shipper. In 2007 and again in 2008, Long Beach Port Authority awarded CSCL the 'Honor of Environmental Protection'. In 2009, CSCL was awarded the 'Best Annual Carrier' by

Michaels Stores Michaels Stores, Inc., doing business as Michaels, is an American privately held Handicraft, arts and crafts retail chain. It is North America's largest provider of arts, crafts, framing, floral and wall décor, and merchandise for maker culture ...

. In China, CSCL had in-house trucking companies, a container yard, and the company called on 12 Chinese seaports and several riverports. The company owned assets in dozens of countries. Over the years, CSCL developed a large intermodal network in the US by contracting with trucking companies and all major US railroads. In May 2001, CSCL, Marine Terminal Corporation, and

BNSF Railway BNSF Railway is the largest freight railroad in the United States. One of six North American Class I railroads, BNSF has 36,000 employees, of track in 28 states, and over 8,000 locomotives. It has three Transcontinental railroad, transcontine ...

announced a twice-weekly on-dock

train A train (from Old French , from Latin">-4; we might wonder whether there's a point at which it's appropriate to talk of the beginnings of French, that is, when it wa ... , from Latin , "to pull, to draw") is a series of connected vehicles th ...

service to deliver China Shipping containers from the

Port of Los Angeles The Port of Los Angeles is a seaport managed by the Los Angeles Harbor Department, a unit of the Los Angeles, City of Los Angeles. It occupies of land and water with of waterfront and adjoins the separate Port of Long Beach. Promoted as "Amer ...

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

, IL. CSCL first went public in 2004 on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

, issuing 2.42 billion shares. CSCL made another

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

in 2007 on the

Shanghai Stock Exchange The Shanghai Stock Exchange (, SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock ...

. CSCL's early successes were credited to the leadership of Captain Li Kelin. In 2006, after Kelin retired, Li Shaode – who had 40 years of experience in the shipping industry – was appointed chairman of CSCL. Shaode along with other veteran members of the leadership team continued CSCL's tradition of success. As China increasingly became the world's factory, CSCL played a significant role in transporting exports of consumer goods and imports of recycled material from developed countries. On July 1, 2013, CSCL suspended all its services in Iran due to US sanctions. In 2014, CSCL along with CMA CGM and United Arab Shipping formed the Ocean Three Alliance – a business agreement to share vessel space. In December 2014, CSCL christened the 19,100 TEU '' CSCL Globe'', the world's largest container ship at the time. By May 2014, China Shipping Container Line's service profile consisted of 40 routes including trans-Pacific, trans-Atlantic, Asia-Europe, Asia-Africa, and intra-Asia routes and a fleet of 148 container vessels totaling 656,000 TEUs. In February 2016, CSCL's parent company, China Shipping Group completed a merger with COSCO Group to form COSCO SHIPPING Group. CSCL's assets were transferred to the container shipping branch of COSCO Group, COSCO Container Lines. CSCL's shareholders approved 100% acquisition of Florens Container Lease, the container leasing subsidiary of COSCO Group and Dong Fang International Investment, the container leasing subsidiary of China Shipping Group. CSCL's shareholders also approved taking over the ship leasing subsidiary of China Shipping Group, Oriental Fleet International Ltd. As a result, CSCL was renamed COSCO SHIPPING Development Co. and became a holding company for COSCO SHIPPING's container and ship leasing business.

Services

The company provides container and ship leasing, container manufacturing, marine insurance brokerage, and risk management for ocean shipping companies. COSCO SHIPPING Development owns Florens Asset Management, one of the world's leading lessors of intermodal shipping containers. As of March 2020, Florens' container fleet consisted of 3.65 million TEUs. Florens leases dry containers, reefers, open-top containers, and flat racks on short- and long-term leases. Florens Asset Management was founded in 1987 and was previously a wholly owned subsidiary of COSCO Group. Florens also incorporates the container fleet of Dong Fang International Asset Management, which was owned by China Shipping Group.

Fleet

Accidents and incidents

''CSCL Jupiter''

On 14 August 2017, the container ship ''CSCL Jupiter'' ran aground near Bath,

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

shortly after departing from the

port of Antwerp The port of Antwerp is the port of the city of Antwerp, Belgium. It is located in Flanders, mainly in the province of Antwerp, but also partially in East Flanders. It is a seaport in the heart of Europe accessible to capesize ships. It is Eu ...

headed for

Hamburg Hamburg (, ; ), officially the Free and Hanseatic City of Hamburg,. is the List of cities in Germany by population, second-largest city in Germany after Berlin and List of cities in the European Union by population within city limits, 7th-lar ...

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

. The grounding resulted in the suspension of all shipping traffic to and from the port. Following the successful re-floating operation, the ship was led to the port of Antwerp, where undergo an inspection.

Gallery

File:CSCL Globe arriving at Felixstowe, United Kingdom.jpg, '' CSCL Globe'' at the

Port of Felixstowe The Port of Felixstowe, in Felixstowe, Suffolk, is the United Kingdom's largest container port, dealing with 48% of Britain's containerised trade. In 2017, it was ranked as 43rd busiest container port in the world and 8th in Europe, with a ha ...

, UK File:CSCL Jupiter bow of the container ship.JPG, Bow of the ''CSCL Jupiter'', one of the container ships operated by CSCL File:2008-04-09 CSCL Europe 1.jpg, ''CSCL Europe'' near Glameyer Stack File:CSCL Venus on the Elbe with Destination Hamburg - Photo of stern.png, ''CSCL Venus'' on the

Elbe The Elbe ( ; ; or ''Elv''; Upper Sorbian, Upper and , ) is one of the major rivers of Central Europe. It rises in the Giant Mountains of the northern Czech Republic before traversing much of Bohemia (western half of the Czech Republic), then Ge ...

with Destination Hamburg File:Florens container on Sgm wagon.jpg, Florens container at Jyväskylä railway station File:Dong Fang containers in Rotterdam.JPG, Dong Fang containers in Rotterdam File:Container 【 45R1 】 FSCU 561042(7) 【 Pictures taken in Japan 】.jpg, Florens reefer

References

External links

* {{authority control Companies listed on the Hong Kong Stock Exchange Companies listed on the Shanghai Stock Exchange Transport companies established in 1997 Container shipping companies of China Government-owned companies of China Shipping companies of China COSCO Shipping Companies based in Shanghai Chinese brands H shares 1997 in Shanghai