China’s Cosco Shipping changes course in face of headwinds

AS THE global shipping industry runs out of steam from the pandemic boom, China’s state-owned giant Cosco Shipping Holdings is pouring billions of dollars into a strategic shift.

The world’s fourth-largest operator of container ships is expanding its stakes in mammoth cargo-handling ports including an investment in Germany’s Port of Hamburg. It’s also investing in new dual-fuel container ships, getting into the massive automotive manufacturing supply chain business, and repositioning itself as an investment platform and logistical solutions supplier.

It all adds up to Cosco’s hedge against the next down cycle for the shipping industry, a transportation industry researcher said. Cosco also plans to invest in land transport fleets and air cargo assets, a person close to the company told Caixin.