China Shipping Group

China Shipping (Group) Company
中国海运集团总公司
State-owned enterprise
Industry Shipping and Logistics
Fate Merged
Successor China COSCO Shipping
Founded 1997
Area served
 People's Republic of China
Website en.coscocs.com

China Shipping (Group) Company was a shipping conglomerate under the direct administration of the State Council of the People's Republic of China. It was mainly engaged in shipping of oil tankers, passenger ships and container vessels. Other related businesses included ship and Terminal management, finance and investment, engineering, human resources, trading and information technology.

In December 2015 the China Shipping Group announced a merger with its larger government-owned compatriot, COSCO Group. The merger was completed in February 2016; producing the mega-entity China COSCO Shipping, to be headquartered in Shanghai. The businesses and subsidiaries of both China Shipping and COSCO were integrated into the company.[1] The merger was triggered by a downturn in the container and marine shipping industry that stymied the financial health of both China Shipping and COSCO, thus motivating the two to unite and endure the decline together. Additionally, the merger is attributable to China's State-owned enterprise reform.[2]

References

  1. ↑ http://en.coscocs.com/col/col6922/index.html
  2. ↑ http://www.scmp.com/business/companies/article/1989079/chinas-travel-agency-giants-merge-latest-example-soe-reform
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.