. It is the world's largest oil tanker shipping company in terms of fleet capacity.
History
The company was established by Shanghai Shipping Group as Shanghai Haixing Shipping Co., Ltd in May 1994. Haixing Shipping issued 1.08 billion H shares and was listed on the
Stock Exchange of Hong Kong (SEHK) in November 1994. It quickly became the largest carrier of coal and crude in East China.[1]
On July 1, 1997, China Shipping Group was founded in Shanghai to hold all the shares of Haixing Shipping's parent, Shanghai Shipping Group, along with the shares of Guangzhou Shipping Group and Dalian Shipping Group. On July 18, 1997, China Shipping agreed to acquire all the "legal person shares" (Chinese: 法人股; Chinese regulatory terminology) of Haixing Shipping from Shanghai Shipping Group. As a result, China Shipping Group became the controlling shareholder of Haixing Shipping. In December 1997, Haixing Shipping changed its name to China Shipping Development Co. Ltd.[1]
The main business focus of China Shipping Development was bulk cargo shipping, specifically oil shipping. In 2006, the company acquired 42 bulk carrier ships and became one of the largest oil shipping companies in the Far East. In 2007, the company ordered 16 VLOC ships to transport iron ore imports. In 2009, China Shipping Development acquired China Shipping LNG Investment Company Limited from China Shipping Group. Then, China Shipping Development along with MOL established joint ventures with Sinopec and PetroChina to transport LNG. The joint venture companies ordered a total of 10 LNG vessels in July 2011 and April 2013, of which 6 vessels are owned by China Shipping Development.[2][3][1]
In August 2012, China Shipping Development established a subsidiary, China Shipping Bulk Carrier Company Limited, to handle all its dry bulk business.[1]
In 2016, China Shipping Development's parent company, China Shipping Group, completed a merger with COSCO Group. As part of the merger China Shipping Development sold 100% equity interest of its subsidiary China Shipping Bulk Carrier Co. to the newly formed China COSCO Bulk Shipping Co. Meanwhile, China Shipping Development acquired 100% equity interest of tanker shipping company Dalian Ocean Shipping Co. from COSCO Group. As a result, China Shipping Development was renamed to COSCO SHIPPING Energy Transportation, and became focused solely on oil and LNG shipping.[4][1]
COSCO SHIPPING Energy became the world's largest oil tanker fleet, with 105 oil tanker ships totaling 17.04 million DWT.[5]
