COSCO SHIPPING CONTROLS 5.2% OF GLOBAL TONNAGE

China’s largest shipping corporation, Cosco Shipping Group, claims to carry one-tenth of the world’s cargo and operates over 5% of the world’s fleet by deadweight.

The Chinese giant maintained its leading position among global shipping market after the merger between Cosco Shipping and China Shipping six years ago.

Cosco Shipping Group’s fleet capacity has reached 110m dwt, up 40% from the pre-merger level, this represents 5.2% of the global shipping capacity, which stood at 2.1bn tonnes in 2021 according to UNCTAD. The shipping company’s annual cargo volume has exceeded 1.36bn tons, an increase of 55% comparing with the pre-merger period. 

 “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. 

Source: seatrade-maritime.com by Katherine Si