COSCO Shipping Development Co., Ltd., stylized as COSCO SHIPPING Development is a financial services company based in Shanghai, China. It was known as China Shipping Container Lines (CSCL) and was among the world's largest container liner companies. It exited the container shipping business and was renamed to COSCO SHIPPING Development because of the COSCO-China Shipping merger in 2016.[1] As CSCL, the company was ranked 1503rd in 2012 edition of Forbes Global 2000.[2]
History
In 1997, the Chinese government founded China Shipping Group as a SOE. That same year, China Shipping Container Lines Co. Ltd (CSCL) was founded in Shanghai as a subsidiary of China Shipping Group. After China joined the WTO in 2001, CSCL grew rapidly, playing a major role in supporting China's economic advancement and international trade. With continued support from the Chinese government, CSCL's global TEU market share increased 126% between 2000 and 2006, becoming the second fastest growing container carrier in the world. In 2004, CSCL became the world's tenth largest ocean container line in terms of TEU capacity, and in 2007, it became the world's sixth largest.