China COSCO Shipping Corporation Limited Officially Announced its Foundation

24 Feb 2016 10:35 Shipping News

On February 18, 2016, China COSCO Shipping Corporation Limited (hereinafter referred to as “China COSCO Shipping” or “the Group”) officially announced its foundation. Mr. Han Zheng, member of CPC Central Committee Politburo and Secretary of Shanghai municipal party Committee, and Mr. Zhang Yi, Secretary of SASAC of state council, participated this convention and steered the wheel for the Group’s setting sail. Mr. Yang Xiong, Deputy Secretary of Shanghai Municipal Party Committee and the mayor of Shanghai, Mr. He Jianzhong, Vice Minister of Communication Ministry, and Mr. Zhang Xiwu, Deputy Secretary of Party Committee and Deputy Director of SASAC of state council delivered speeches at the Grand Opening. They highlighted the significance of the merger and made best wishes to the Group’s future. Mr. Xu Lirong, Chairman of the Group, made opening remarks at the Grand Opening. Other participants also took part in the convention, including leaders of related national ministries and committees, leaders of Shanghai municipality, Tianjin municipality, and the members of the Supervision Board from SASAC to China COSCO Shipping. Top management of some SOEs joined this event as well, and so did customers from China and abroad, important business partners, and representatives of fields’ associations. Besides, retired leaders of Ministry of Communication, COSCO Group, and China Shipping Group were also invited to the convention. Mr. Wan Min, member of the Board, President and Deputy Party secretary, presided the Grand Opening.

In the opening remarks, Capt. Xu noted that the foundation of China COSCO Shipping happened against the background that Chinese SOEs reform made major achievements under the guidance of policies adopted at the 3rd Plenary Session of the 18th CPC Central Committee. The merger is a potent measure to materialize the Belt and Road Initiative and China’s commitment to building a maritime power. It is also a natural choice to prepare us for global competition by improving the profitability and operating efficiency. The birth of the Group means a transition in between the past and the future. It means to forge ahead our cause into the future and start a new journey. It also means the Group shall take more responsibility for the country, for this time and age, and a more glorious mission which will be carved in the history. He expressed his gratitude for the coming guests, leaders and friends who supported the merger on behalf of the top management and his own, and then he mentioned employment structure, assets, capacity and scale of China COSCO Shipping briefly. He finally pointed out that the party and nation held strong promises for the merged Group and it endowed a new mission for the Group to realize “China’s Dream” and would become a power of shipping. Under the guidance of “belt and road”, the Group will surely conquer the difficulty of sluggish economic situation and take the advantage of the new normal to draw a blue print for the glory of the future.

As the two giants join hands, the new Group will be able to draw each other's advantages, creating great synergy. The asset scale and leading status of the Group in the industry will be greatly improved. It will obtain strong presence in global market, and cemented global competitiveness, which marks the new page of China’s shipping industry. According to the four dimensions of “scale growth, profitability, anti-cyclical capability, and building a global company”, the Group will focus on the “6+1” industrial clusters, which are shipping, logistics, finance, equipment manufacturing, shipping services, socialized industry, plus business related to the “Internet Plus” initiative based on business model innovation. It is believed that through the promotion of “6+1”, the Group is committed to building a world-leading provider of integrated logistics and supply chain services by consolidating shipping factors in a short time as to lay a foundation for the real globalization.

Looking into the future, the Group will focus on corporate vision and be committed to forming one team with strong initiative for making progress, one harmonious culture of sailing in the same boat, one goal to build a first-class company in the world, and one dream of achieving great excellence. On top of this, the new company will move forward to build an excellent enterprise which has larger capacity and greater competitiveness and is more global and valuable. The Group is committed to be a better service provider for the customers, a better partner for our suppliers, and offer a better platform for our employees to develop their career.

China COSCO Shipping Corporation Limited Officially Announced its Foundation

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