Ocean Carriers

CSCL Changes Name to Coincide with its Shifted Business Focus

CSCL Changes Name to Coincide with its Shifted Business Focus
Danny Gill

China Shipping Container Lines will be renamed Cosco Shipping Development as the carrier transforms from a liner operator to an integrated financial services platform with a leasing business under the newly merged China Cosco Shipping.

The name change is consistent with the company’s future strategic positioning, business characteristics, and identity as a group member of China COSCO Shipping Corporation Limited, the Hong Kong-listed company said in a filing to the exchange.

Its activities under the financial services platform will include vessel leasing, container leasing, and non-shipping leasing as the core business with shipping financing also offered.

COSCO Shipping Development will however still continue to be listed on the Hong Kong Exchange, even with the complete change in its business focus. “Save for the change of stock short name to be announced by the company, the trading arrangements for the H shares of the company on the Stock Exchange of Hong Kong will not be affected,” the filing noted.

Under the new China Cosco Shipping, the container transport business of CSCL is being shifted to China COSCO Shipping that will see the combined fleets amount to 1.58 million TEUs, places it in fourth place among the world’s leading container carriers.

The newly formed company aims to become the third-largest global container line by boosting its fleet by at least 50,000 twenty-foot containers to more than 2 million TEUs by the end of 2018. China Cosco Shipping recently signed up with the Ocean Alliance, joining CMA CGM, Evergreen Line and OOCL to offer more than 40 global services connecting markets in Asia, Europe and the U.S. The company is looking to seize market shares from its European rivals by upsizing its fleet and expanding outside its core Asia, Africa, China and Southeast Asia coverage specialties into the oversupplied Asia-Europe and trans-Pacific trades.

Ocean Carriers
Danny Gill

Danny is currently a Contributing Writer for Airfreight Logistics and Logistics Manager (LM) and is quite the foodie. He’s always on the hunt for new and exciting dishes to sample, and is never one to back down from a spicy challenge. His travels have taken him around the world, and he’s been able to experience many different cultures (and food).

More in Ocean Carriers

TICON Expands Business Partnership with Sahathai Terminal to Set Up New Logistics Park

Chatchaya JianswatvatanaJanuary 18, 2019

Sahathai Terminal (PORT), APM Terminals and Mitr Phol Sugar Join Hands to Set Up a Greenfield Terminal in Bangkok

Chatchaya JianswatvatanaJanuary 18, 2019
CMA CGM Group Launch New Corporate Website and Upgrade their Business Website

CMA CGM Group Launch New Corporate Website and Upgrade their Business Website

Logistics ManagerJanuary 14, 2019
A.P. Moller – Maersk Enhances their Asia-Europe Network

A.P. Moller – Maersk Enhances their Asia-Europe Network

Logistics ManagerJanuary 14, 2019

ONE Thailand Achieved One Million TEUs of Container Shipments

Chatchaya JianswatvatanaJanuary 7, 2019
SITC Holds Naming & Delivery Ceremony for M/V "SITC SENDAI"

SITC Holds Naming & Delivery Ceremony for M/V “SITC SENDAI”

Danny GillDecember 19, 2018
CMA CGM Receive Lloyd’s List Environment Award

CMA CGM Receive Lloyd’s List Environment Award

Logistics ManagerDecember 18, 2018
CMA CGM Sign Landmark Agreement with Freightos to Advance Digitization

CMA CGM Sign Landmark Agreement with Freightos to Advance Digitization

Logistics ManagerDecember 18, 2018
APL to Acquire Sister Company CNC to Bolster Intra-Asia Services

APL to Acquire Sister Company CNC to Bolster Intra-Asia Services

Logistics ManagerDecember 13, 2018
LM is the leading source of logistics and cargo news within ASEAN and is regarded as one of the most authoritative sources of information. Our subscribers keep up to date with the latest logistics news, views, features and events within ASEAN and beyond.
AFL Real Logo

Airfreight Logistics is the air cargo professional’s number one provider of news and information in ASEAN and around the World. To keep abreast of all the latest news and for in-depth features visit our website www.airfreight-logistics.com

UpMedio

Subscribe to our newsletter!

© 2015 Logistics Manager | About Us | Advertise | Subscribe | Contact | thai Thai Version