COSCO Shipping Co.

The main shareholder in the group was the China Shipping Group Company with 38% of the equity. China Shipping Group Company is a state-owned entity. The second-largest shareholder, with 31.5% of the equity, was HKSCC Nominees. It is a holding company of the Hong Kong Stock Exchange. HKSCC nominees is an entity used in the share trading and settlement process to temporarily hold shares on behalf of other entities. Cosco Shipping Development notes that the principal business of the nominee company is to hold shares for other companies or individuals. COSCO Shipping Development operates a variety of businesses. Oriental Fleet International offers ship chartering and leasing. COSCO Shipping Development (Tianjin) Leasing offers renminbi-denominated leases and leaseback for shipping. Hong Kong-based Florens International is a famous name in container leasing, sales and management. It was formed from the merger of Florens Containers and Dong Fang International. In a statement that was published only in Mandarin, COSCO Shipping Development has revealed that, for the six months to July 2019, Florens generated $660 million "operating income" and that net profit for the period was $9 million. Meanwhile, another subsidiary company, COSCO Shipping Leasing, provides financial leasing in a variety of sectors. Another company in the group is Shanghai Universal Logistics Equipment, which was founded in 2008 and carries out specialized research and development, production and sale of logistics equipment, according to a statement from the group. It also makes ocean-going shipping containers. COSCO Shipping (Tianjin) Guanghua Investment Management appears to be some kind of corporate venture capital unit that will invest in a variety of industries while, finally, Helen Insurance Brokers is "chiefly" engaged in marine insurance brokerage. COSCO Shipping Development's third quarter results were published in accordance with the generally accepted accounting principles of the People's Republic of China. COSCO Shipping Development is dual-listed on both the Hong Kong and Shanghai Stock Exchanges. Read more stories by Jim Wilson. Jim is based in Australia but he mostly covers the Asian maritime sectors. He can be reached with comments, suggestions and tips via [email protected].