China Cosco Shipping Corp officially established

COSCOPIRAEUS (2)China COSCO Shipping Corporation Limited, a new company formed by the restructuring of China’s top two shipping firms, was officially established on Thursday 18 February 2016. As Xinhua news agency reports, ‘by amalgamating COSCO and China Shipping, the new conglomerate will have the world’s largest total shipping capacity and the fourth biggest container fleet, with 610 billion yuan (93.6 billion U.S. dollars) in assets’. Xu Lirong, chairman of China Shipping, was announced as chairman of the new company, which is headquartered in Shanghai.