China Ocean Shipping (Group) Company 中国远洋

choi

Joanne Chiu and Colum Murphy, Shipping Firm China Cosco Sails a Sea of Red Ink. Wall Street Journal, Aug 28, 2012.
http://online.wsj.com/article/SB ... 15082209902956.html

Four consecutive paragraphs:

"The country [China] recently knocked off Germany to having the world's third-largest by fleet capacity, after Japan and Greece. China now has about 10%, up from 6.3% in 2006.

"Though China's companies long have chartered ships from foreign ship owners, Beijing made an effort to build and own its own vessels. In 2010 China eclipsed South Korea to become the world's largest shipbuilding nation by capacity, according to ship brokers Clarksons, five years ahead of Beijing's schedule.

"That contributed to a fall in shipping rates. A capesize-class vessel, a large cargo ship, cost around $160,000 a day to charter from a shipowner at the height of a shipping boom in 2008. But recent daily charter rates for a capesize are about $2,800 a day.

"Cosco—the major listed arm of state-controlled China Ocean Shipping (Group) Co—bet heavily on China's continued rise, leading to a jump in capacity just as the market collapsed.

Note: Jeffries Hong Kong Limited 富瑞金融集團香港有限公司
is a branch of Jeffries.
http://www.jefco.com/cositemgr.p ... urStory/index.shtml

Cf
Jefferies & Company
http://en.wikipedia.org/wiki/Jefferies_%26_Company