China Cosco Shipping Group has integrated all of its shipbuilding assets into one unit – Cosco Shipping Heavy Industry (CSHI).
The state-owned China Cosco Shipping is a merged entity of China Ocean Shipping (Group) Company (Cosco) and China Shipping (Group) Company (China Shipping).
Cosco owns six shipyards and operates two joint-venture yards with Japanese Kawasaki Heavy Industries, while its compatriot China Shipping owns five yards.
Following the establishment of CSHI, all thirteen shipyards will now be managed by the new unit. With this move, CSHI has become China’s third biggest shipbuilding group.
Wang Yuhang, the deputy general manager of Cosco Shipping, has been appointed as chairman of CSHI.
CSHI is established to improve Cosco Shipping’s position in the shipbuilding industry and will rely on China-made “2025 Strategy” to enhance its overall profitability, Wang said.
The move follows the earlier cooperation between Cosco and China Shipping when they combined their fleets and port operations to form China Cosco Holdings.
Created last year, the company is said to be the world’s fourth biggest container operator in terms of capacity.