Cosco Shipping Corp has unveiled its new shipbuilding entity to be christened Cosco Shipping Heavy Industry.
As part of its long-awaited restructuring, the Chinese giant will combine as many as 13 shipyards and 20 more units into this new single company.
Cosco Shipping Heavy Industry will focus on equipment manufacturing and repair services.
It was previously controlled by China Shipping Group, which merged with Cosco last year.
The move is mainly aimed at cutting overcapacity and boosting efficiency.
Wan Min, president of Cosco Shipping Corp, said in a statement: “Consolidating various manufacturing assets into the new company is a realistic choice for the company to improve efficiency, restructure and upgrade as well as streamlining.”
Cosco’s massive restructuring will also see significant changes in the company’s liner, dry bulk and tanker business with the formation of new companies.
