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January 7, 2009

CMA picks COSCO CEO as next Commodore

Capt. Wei Jiafu, president and CEO of China Ocean Shipping (Group) Company (COSCO) has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2009.

The award will be presented to Capt. Wei on March 25, 2009 at the Gala Dinner that concludes the annual CMA conference and trade show.

The award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

Capt. Wei, who has been called "the face of Chinese shipping," became president and CEO of COSCO Group in November 1998.

He took the helm after serving as the senior executive of many COSCO subsidiaries, both in China and overseas. In one of these roles, as the president of COSCO (Singapore) Ltd., he managed its listing as a public company in 1993, taking COSCO into the international capital markets.

He has over ten years of seafaring experience and is a senior engineer with a Doctorate in Ship and Ocean Structural Design and Manufacture and a Master's Degree in Shipping.

Beth Wilson-Jordan, president of the CMA, upon making the announcement stated, "Today, as the world deals with unprecedented economic and trade challenges, the CMA is delighted to have as our Commodore someone actively involved in the growth and development of world trade. With the Board's choice this year of Capt. Wei we continue the tradition of recognizing excellence. It will be an honor to have the leader of one of the world's largest shipping companies accept the CMA Award".

Founded on April 27, 1961, COSCO has transformed itself from a state-owned shipping company into a $17 billion corporation that is the largest shipping company in China and one of the world's leading logistics providers, while its ship repair activities have grown into a sizable repair and newbuilding operation.

The COSCO fleet includes 800 modern merchant ships with a total carrying capacity of up to 55 million DWT, and its annual handling cargo volume reaches 416 million tons. It has ranked first in the international bulk shipping sector for years and is also listed as one of the Top 10 container liner operators in the world.


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