COSCO Shipping Energy Transportation Co., Ltd., stylized as COSCO SHIPPING Energy, is a Chinese
oil tanker
An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quantities of unrefined ...
shipping company with its
headquarters
Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the to ...
in
Hongkou District
, formerly spelled Hongkew, is a district of Shanghai, forming part of the northern urban core. It has a land area of and a population of 852,476 as of 2010.
It is the location of the Astor House Hotel, Broadway Mansions, Lu Xun Park, and H ...
, Shanghai. The company transports crude oil,
LNG, and
LPG. It is a subsidiary of
COSCO Shipping
China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...
. It is the world's largest oil tanker shipping company in terms of fleet capacity.
History
The company was established by Shanghai Shipping Group as Shanghai Haixing Shipping Co., Ltd in May 1994. Haixing Shipping issued 1.08 billion H shares and was listed on the
Stock Exchange of Hong Kong (SEHK) in November 1994. It quickly became the largest carrier of coal and crude in East China.
On July 1, 1997,
China Shipping Group
China Shipping Group Company, Limited, formerly China Shipping (Group) Company, is a former Chinese state-owned shipping conglomerate. It is now one of the intermediate holding companies for another Chinese state-owned conglomerate, China COSCO ...
was founded in Shanghai to hold all the shares of Haixing Shipping's parent, Shanghai Shipping Group, along with the shares of Guangzhou Shipping Group and Dalian Shipping Group. On July 18, 1997, China Shipping agreed to acquire all the "legal person shares" (; Chinese regulatory terminology) of Haixing Shipping from Shanghai Shipping Group. As a result, China Shipping Group became the controlling shareholder of Haixing Shipping. In December 1997, Haixing Shipping changed its name to China Shipping Development Co. Ltd.
The main business focus of China Shipping Development was bulk cargo shipping, specifically oil shipping. In 2006, the company acquired 42 bulk carrier ships and became one of the largest oil shipping companies in the Far East. In 2007, the company ordered 16
VLOC ships to transport iron ore imports. In 2009, China Shipping Development acquired China Shipping LNG Investment Company Limited from China Shipping Group. Then, China Shipping Development along with
MOL established joint ventures with
Sinopec
China Petroleum & Chemical Corporation (中国石油化工股份有限公司) or Sinopec (), is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.
Sinopec Limited's parent, Sinopec ...
and
PetroChina
PetroChina Company Limited () is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation (CNPC), headquartered in Dongcheng District, Beijing. The company is currently Asia's largest oil and ga ...
to transport LNG. The joint venture companies ordered a total of 10
LNG vessels in July 2011 and April 2013, of which 6 vessels are owned by China Shipping Development.
In August 2012, China Shipping Development established a subsidiary, China Shipping Bulk Carrier Company Limited, to handle all its dry bulk business.
In 2016, China Shipping Development's parent company, China Shipping Group, completed a merger with COSCO Group. As part of the merger China Shipping Development sold 100% equity interest of its subsidiary China Shipping Bulk Carrier Co. to the newly formed China COSCO Bulk Shipping Co. Meanwhile, China Shipping Development acquired 100% equity interest of tanker shipping company Dalian Ocean Shipping Co. from COSCO Group. As a result, China Shipping Development was renamed to COSCO SHIPPING Energy Transportation, and became focused solely on oil and LNG shipping.
COSCO SHIPPING Energy became the world's largest oil tanker fleet, with 105 oil tanker ships totaling 17.04 million
DWT.
See also
*
Chinese shipping
References
External links
*
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Companies formerly in the Hang Seng China Enterprises Index
Companies listed on the Hong Kong Stock Exchange
Companies listed on the Shanghai Stock Exchange
American companies established in 1994
Shipping companies of China
COSCO Shipping
Logistics companies of China
Government-owned companies of China
Companies based in Shanghai
Transport companies of China
H shares