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

Binary Cycle Power Generator for ships.

NYK to Deploy Binary Cycle Power Generator on New Panamax Vessel

Logistics ManagerSeptember 25, 2017
Hapag-Lloyd Containers

Hapag-Lloyd Orders 7,700 New Reefer Containers

Logistics ManagerSeptember 25, 2017
Heung-A Shipping Garners High Marks for ‘On-Time Performance’

Heung-A Shipping Garners High Marks for ‘On-Time Performance’

Danny GillSeptember 21, 2017
OOCL Japan

OOCL Japan Named as Sister Enters Guiness World Records

Logistics ManagerSeptember 19, 2017

HMM Signs MoU for Vietnam Port Development

Danny GillSeptember 1, 2017
hyundai HMM

HMM’s Cargo Processing at Busan Port Hits New Record

Danny GillAugust 28, 2017

ZIM Announces New President and CEO

Danny GillAugust 16, 2017

South Korean Lines to Sign Consortium MOU

Danny GillAugust 8, 2017
‘K’ Line Sells SAL Heavy Lift to Combi Lift Owner

‘K’ Line Sells SAL Heavy Lift to Combi Lift Owner

Danny GillJuly 27, 2017