COSCO Shipping Appoints New Chairman

Zhu Jiandong, existing President and Non-Independent Executive Director of COSCO Shipping, has been appointed the company's Executive Chairman of the Board.

Zhu has a Master of Business Administration (International) from the University of Hong Kong. His work experience includes:

Mar 2008 to Sep 2013 - Executive Vice President of COSCO Container Lines (Americas)
Oct 2010 to Sep 2013 - Executive Vice President of COSCO Americas
Sep 2013 to Jan 2016 - Deputy Managing Director of COSCO Container Lines
Jan 2016 to Sep 2019 - Deputy Managing Director of COSCO Shipping Lines 
Jul 2018 to Sep 2019 - Deputy Managing Director of COSCO Shipping Holdings
Apr 2019 to Sep 2019 - Director of The Orient Overseas Container Line 
Mar 2017 to Present - Director of COSCO Shipping (North America) 
Aug 2019 to Present - Vice President of COSCO Shipping (Southeast Asia) 
Sep 2019 to Present - President of COSCO Shipping International (Singapore).

The move follows the resignation of Gu Jingsong as Non-Independent Executive Director resulting in him no longer being Chairman of the Board.

COSCO Shipping International (Singapore) is one of Singapore’s leading logistics management service providers. The company's financial results for the third quarter ended September 30, 2019 saw gross profit decrease by six percent for the quarter mainly due to higher operating costs. Overall, net profit attributable to equity holders for Q3 2019 was $1.1 million compared to $2.1 million for Q3 2018. The company has previously announced plans for the 100 percent acquisition of Cogent Holdings and 40 percent acquisition of PT. Ocean Global Shipping Logistics.

Earlier this year, COSCO Shipping International (Singapore) announced it was expanding its logistics operations in Malaysia with the acquisition of 80 percent of shares of Guper Integrated Logistics, Gem Logistics, Dolphin Shipping Agency and East West Freight Services.