The global maritime industry is on a rough journey. The prevailing winds of change are against many shipping companies, but a bright spot remains and serves as an eager guidepost to a struggling market.
COSCO Shipping (South East Asia), the regional holding company of COSCO Shipping Group, is pressing on to study new development strategies while augmenting its network to attract new business.
The leading shipping firm in terms of capacity is diversifying its portfolio to offer logistics, bunker trading, offshore production support and complete supply chain services in addition to its shipping capabilities. Backed by a strong network, solid teams and policies, and an excellent reputation among global companies and clients, COSCO meets with other leading players in the industry to share and discuss insights on reviving the shipping sector.
Organised by COSCO annually, the World Shipping Summit is held in China and seeks to improve the industry by creating a new ecosystem.
“What the customers need is good service, but shipping companies today are unable to deliver because they are also experiencing tough times,” says Gu Jingsong, president of COSCO Shipping (South East Asia). “I think shipping lines need to change. We need new ideas, innovation and technology, such as internet knowledge, to build a new ecosystem where everyone can work together and share the benefits.”
Building more facilities and investing in infrastructure to cover 12 locations in Asia including Singapore, Malaysia, Thailand, Vietnam, Indonesia, India and the Philippines, COSCO is optimistic the market will turn soon. It also sees opportunities rising on the horizon following China’s one belt, one road initiative.
“The balance in the industry is broken, so we keep our fingers firmly on the pulse of the market, and leverage on our strengths and competitive advantages to restore stability,” Gu says. “We are building a better system to help reawaken the shipping trade.”