China Shipping
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Native name
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中海集装箱运输股份有限公司 |
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| Traded as |
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| Industry | Shipping and logistics |
| Fate | Merged and rebranded |
| Successor | COSCO Shipping Development |
| Founded | 1997 |
| Headquarters | Shanghai, People's Republic of China |
| Services | |
| Parent | China Shipping Group |
| Website | en |
China Shipping Container Lines Co., Ltd (CSCL; : 2866, : ), was a containerized marine shipping company, based in Shanghai, China.
An ongoing downturn in the container shipping industry which began in 2013, and that was caused by various factors such as weak global GDP, muted demand for container shipping, sluggish global trade growth, and container vessel overcapacity left the container shipping market crippled. The slump has precipitated a wave of mergers and acquisitions coupled with reshuffled vessel sharing alliances as container lines scramble to stay financially viable. Consequently; due to the decline in the industry, CSCL's parent China Shipping Group entered advanced merger talks with its larger government-owned compatriot, the COSCO Group in October 2015. By late December 2015, the two announced a formal merger after regulatory and anti-trust approval. The integration plan stipulated that CSCL will withdraw its involvement in the container shipping business and cease to operate as a carrier; instead it is destined to become a container leasing and financial-asset management company. Meanwhile, COSCO Group's container shipping division; COSCO Container Lines (renamed COSCO Shipping Lines), is expected to take over as the sole operator of the vessel fleet. Furthermore, as part of the reconfiguration plan, the CSCL brand was abandoned and renamed as COSCO Shipping Development in an effort to align the company with its new identity in the merged mega-entity.
The new company formed by the integration of China Shipping and COSCO; now known as China COSCO Shipping, aims to expand its fleet size to more than 2 million TEUs by 2018, which would make it the world's third-largest container carrier in terms of vessel capacity.
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Wikipedia