COSCO SHIPPING Group - statistics & facts

Against the background of the continued downturn in the shipping industry, China COSCO SHIPPING Corporation Limited (COSCO SHIPPING Group) was established in 2016 by the merger of China Ocean Shipping Company (COSCO) and China Shipping Company. Headquartered in Shanghai, COSCO SHIPPING is a mega state-owned enterprise with a vision to help fulfill the mission of China's economic globalization. Its business is supported by three core industry clusters (shipping, port operation, and integrated logistics) and four value-added services (equipment manufacturing, shipping services, social services, and ‘Internet plus‘ business). By far, COSCO SHIPPING is the world's largest shipping company, with several subsidiaries under the umbrella, such as COSCO Shipping Holdings, COSCO SHIPPING Lines, and COSCO SHIPPING Ports. Furthermore, COSCO SHIPPING is the largest logistics service provider in China.

A challenging but profitable year

Impacted by the COVID-19 pandemic, 2021 saw widespread disruptions to the global supply chains. The shipping industry was characterized by severe port congestion, extremely high freight rates, excessive container dwell time inside ports, etc. However, earnings soared for most shipping giants during the year, and COSCO SHIPPING Group was no exception. COSCO SHIPPING’s operating revenue had risen by 75 percent, from 48 billion U.S. dollars in 2020 to 84.1 billion U.S. dollars in 2021. All business segments recorded revenue gains, particularly in the terminal and related business, where growth for the year was more than twofold. Income from the shipping business rose by 85 percent year-over-year to an amount of 383 billion yuan in 2021. Moreover, COSCO SHIPPING’s gross profit margin jumped from 15 percent in 2020 to more than 32 percent in 2021.

Sailing on the "Belt and Road" wave

Driven by the Belt and Road Initiative (BRI) announced by Chinese President Xi Jinping in 2013, China's imports and exports with BRI countries have grown substantially in recent years. COSCO SHIPPING has been promoting its business development into a new era by mainly focusing on emerging markets and strategic locations in BRI. As of December 2021, COSCO SHIPPING has invested 64.2 billion yuan (approx. 9 billion U.S. dollars) in BRI countries and established 195 container liner routes with a capacity of two million TEU of containers. The Group keeps optimizing its overseas key port networks, thus further enhancing the layout along the Maritime Silk Road. In November 2022, COSCO SHIPPING was awarded as the outstanding contributor at the 5th China International Import Expo.

Promoting green shipping – a net zero path by 2060

With the recent closure of the United Nations (UN) 27th Conference of Parties (COP27) in Sharm El Sheikh, Egypt, Beijing recommitted to carbon neutrality before 2060. COSCO SHIPPING has been actively participating in China’s response to climate change and contributing to the UN Sustainable Development Goals (SDGs), as evidenced by its large environmental investments over the past years. COSCO SHIPPING's greenhouse gas emissions are growing yearly, standing at 25.5 million tons in 2021. But notably, its nitrogen oxide and sulfur dioxides emissions have dropped significantly in the last two years as the Group is switching to methanol, a cleaner marine fuel.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 3, 2023

Key insights

COSCO SHIPPING's revenue
84.1bn USD
COSCO SHIPPING's total profit
6.4bn USD
COSCO SHIPPING's employees
132.8k
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Water transportation industry worldwide
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Shipping ports in China
Shipping ports in China
COSCO SHIPPING Ports Limited 2022 Interim Report
COSCO SHIPPING Ports Limited 2022 Interim Report

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