China COSCO Shipping Aiming for 2 Million TEU Capacity by 2018
2 Million TEU would make the new entity resulting from the merger of China Cosco Group and China Shipping Group the third largest carrier in the world.
China COSCO Shipping was officially launched on Friday
China COSCO Shipping Corporation Limited (China COSCO Shipping), the entity resulting from the merger of China Ocean Shipping (Group) Company (China COSCO) and China Shipping Group (CSG), was officially launched on Friday.
The new company is aiming to reach operational capacity of 2 million TEU by 2018, according to Chinese media.
According to Alphalinerdata, right now 2 million TEU would be enough to put China COSCO Shipping into third place of the current ranking of the world's largest container carriers, behind Maersk and MSC.
CMA CGM is the only other carrier who currently has over 1 million TEU of capacity.
The newly formed China COSCO Shipping is now ranked in fourth in the world, and says it has a total of 1.58 million TEU in containership capacity.
We believe that... China COSCO Shipping Corp will form a complete global business chain within a short time.
China COSCO Shipping
China COSCO Shipping says it has a total fleet of 1,114 ships, with a total 85.32 million DWT of carrying capacity, including the world's largest dry bulk and tanker fleet capacity.
The company is also said to now rank second in the world for its combined total of 46 container terminals around the world, with a total throughput of 90 million TEU.
"We believe that by proceeding with the 6+1 industrial layout, China Cosco Shipping Corp will form a complete global business chain within a short time, laying a solid foundation for the globalisation of the group," stated the company.
It is reported that China COSCO Shipping has intentions of expanding beyond the normal container shipping services on Asia to Africa and China to Southeast lines, and will be turning attention toward major shipping lines, specifically the Asia to Europe and Asia to America routes.
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
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The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members