Companies

China COSCO still planning group listing

(Agencies)
Updated: 2011-04-15 13:22

SHANGHAI - China COSCO Group, the country's top shipping conglomerate, is still working on plans for a group listing, the Shanghai Securities News said on Friday, citing a top executive, though no timetable was given.

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A listing of State-owned COSCO Group, the parent company of Cosco Holdings Co Ltd, has always been on the cards and plans are still underway, COSCO's Chairman Wei Jiafu said in an interview with the paper.

Wei also said COSCO expected the global container shipping market to grow between 8-10 percent in 2011 to reach 150 million twenty-foot equivalent units.

COSCO also expects global demand for dry bulk shipping to grow around 6 percent this year, buoyed by China's strong demand for iron ore, coal and grains, but overall supply to rise 14 percent.

Wei said last month that he saw huge challenges in the dry bulk shipping market and has urged shipping companies to be rational in expanding capacity.