Shipping

08
At A Glance
COSCO Corporation
(Singapore) Limited
COSCO Corporation (Singapore) Ltd is a major ship repair, shipping and shipping related conglomerate. Headquartered
in Singapore, COSCO Corporation has three main business units namely, ship repair and marine engineering, dry bulk
shipping and shipping agency. COSCO Corporation owns major stakes in 7 leading ship repair yards in China, a marine
engineering yard in Singapore, and an expanding fleet of 13 dry bulk carriers plying their trade between China’s ports and
the rest of the world. COSCO Corporation is 55.07%-owned by the China Ocean Shipping (Group) Company, the largest
shipping group and one of the top conglomerates in China.
Shipping
COSCO Corporation’s dry bulk shipping
business is undertaken by its wholly-owned
subsidiary, COSCO (Singapore) Pte Ltd. COSCO
(Singapore) owns and operates a fleet of 13 dry
bulk carriers with a total combined carrying
capacity of in excess of 700,000 dwt.
The fleet transports dry bulk cargo such as
iron ore, coal, steel, cement and fertiliser
along international routes mostly in a tramping
capacity, usually from China to key ports in
the US, Europe, South America and South
Africa, via Singapore. COSCO (Singapore) also
charters its ships out to charterers or other
ship owners. Its customers are mainly large,
established international shipping companies
based in Germany, Norway, Denmark, Greece,
Switzerland, UK, USA and other countries.
Two 74,000 dwt new dry bulk carriers are slated
for delivery in FY2005, and two 55,000 dwt
vessels are due in FY2006. With these four new
vessels, the total tonnage capacity of COSCO
Corporation’s fleet will jump 42% to almost
1,000,000 dwt.
Ship Repair and
Marine Engineering
COSCO Corporation offers ship repairing and
marine engineering services through COSCO
Nantong and COSCO Dalian and 90%-owned
COSCO Marine Engineering (Singapore) Pte Ltd,
which offers onsite and onboard engineering
and repairs at its shipyard in Jurong, Singapore.
On 1 January 2005, the company completed its
acquisition of COSCO Shipyard Group which
has seven shipyards strategically located in
the most important sites along China’s eastern
seaboard in Nantong, Dalian, Guangzhou,
Shanghai, Tianjin, Xiamen and Zhoushan.
COSCO Shipyard Group has, amongst
others, the two largest cape size floating
docks and four Panamax size docks in China
which provide ship repair, ship conversion
and jumbolisation, new builds, and oil rig
manufacture and repair services.
COSCO Shipyard Group will add substantially to
the future growth of COSCO Corporation. The
ship repair business is currently undergoing
a massive expansion programme designed
to increase COSCO Corporation’s ship repair
capabilities and capacities. With this, the seven
shipyards’ total docking capacity stand at
955,000 dwt.
Shipping Agency
70% owned by COSCO Corporation, Costar
Shipping Pte Ltd solely represents COSCO
Corporation and the entire COSCO Group
fleet that calls at Singapore.
Costar Shipping canvasses for cargo from
existing and potential clients to ensure that
the COSCO Group’s vessels transiting through
Singapore are loaded to maximum tonnage
capacity. In addition, Costar Shipping provides
agency services for full container and breakbulks.
These include document preparation, the
collection of freight, cargo operation, vessel
husbanding, customs declaration,
port authority coordination, administration
and settlement of cargo claims, transshipment
management, bunkering services and container
handling. The agency handles virtually all types
of containers and provides services to about
100 to 110 vessels a month. Costar Shipping
also offers value-added services such as the
recommendation of trucking, freight forwarding,
stuffing, container depot, warehousing and
storage services. Coslink (M) Sdn. Bhd.
functions as the general shipping agent in
Malaysia for the COSCO group’s entire fleet of
ships, and provides the same comprehensive
range of services as Costar in Singapore.