The bulk shipping arm of conglomerate Coscocs, Cosco Shipping Bulk Co has been officially established in Guangzhou, China. The new Chinese bulk shipping company integrates the dry bulk shipping assets of the two state-owned shipping groups, creating the world’s largest bulk fleet owner with 382 vessels of 34.58m dwt. Cosco Shipping Bulk also plans to scrap 53 elderly vessels with a total capacity of 2.89m dwt within the next two years.
