Subsidiary

COSCO Development Shipping Co., Ltd.
COSCO Development Shipping Co., Ltd., the joint venture of the Company, was established on September 27 2004 with the registered capital of RMB200 million Yuan. Guangzhou Pearl River Electric Power Fuel Co., Ltd. and Guangzhou Ocean Shipping Company (subsidiary of COSCO Shenzhen) hold 50% equity interests of COSCO Development Shipping Co., Ltd. respectively. COSCO Development Shipping Co., Ltd. is mainly engaged in shipping coal.


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