The world's largest bulk vessel fleet in terms of both ship numbers and deadweight tonnage COSCO Shipping Bulk Co is officially launched in Guangzhou. Its a merger between two companies - COSCO Bulk Carrier Co and China Shipping Bulk Carrier Co.
According to a report in China.org, with a total of 382 self-operated and controlled bulk vessels and a capacity of 34.58 million deadweight tons, COSCO Shipping Bulk will be able to ship iron ore, coal, grain and other commodities to more than 1,000 ports in some 100 countries and regions.
Its annual freight volume will exceed 340 million metric tons. It now has 18,500 employees, including 13,000 mariners. The average ship age in its fleet is eight years.
Many countries and regions along the Belt and Road Initiative need natural resources and commodities to support their ongoing urbanization and industrialization, the new company is keen to build more partnerships with both governments and businesses along these trading routes.
COSCO Shipping Bulk also signed cooperative agreements with six domestic companies, including China Agri-Industries Holdings Ltd, China Resources Power Holdings Co Ltd and Hunan Valin Steel Co Ltd on Thursday. They will work together to further expand client networks and to develop overseas businesses, especially in emerging markets.