facebook_pixel
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

“K” Line Group Introduces New Total Auto-Logistics Business in Chile

Danny GillNovember 21, 2017
WWL's Single Vessel Delivers Railcar to Four Destinations

WWL’s Single Vessel Delivers Railcars to Four Destinations

Danny GillNovember 17, 2017
CMA CGM to Power Future 22,000 TEU Vessels with LNG

CMA CGM to Power Future 22,000 TEU Vessels with LNG

Danny GillNovember 8, 2017
WWL Adds Amsterdam and Livorno to Asia-Europe Route

WWL Adds Amsterdam and Livorno to Asia-Europe Route

Danny GillNovember 4, 2017
APL Strengthens Intra-Asia Footprint with New Korea China Straits Service

APL Strengthens Intra-Asia Footprint with New Korea China Straits Service

Danny GillOctober 30, 2017

MOL Holds Tabletop Drill Focused on Car Carrier Safety

Danny GillOctober 24, 2017

APL Celebrates 100 Years of Shipping in the Philippines

Logistics ManagerOctober 12, 2017
OCEAN ALLIANCE announces Day One Network

CMA CGM Acquires SOFRANA Unilines

Danny GillOctober 10, 2017

MCC Welcomes Remote Container Management

Danny GillOctober 2, 2017