COSCO CONTAINER LINES SEES COST CUTS AS “TOP PRIORITY”

COSCO CONTAINER LINES SEES COST CUTS AS “TOP PRIORITY”

COSCO CONTAINER LINES SEES COST CUTS AS “TOP PRIORITY”

   COSCO Container Lines, the container shipping arm of the China Ocean Shipping Co. group, said that cost reduction is now a top priority of the company.
   Capt. Wei Jiafu, president of COSCO, told executives of the company at a recent global management meeting of a “cost reduction directive.”
   “As cost reduction is now a top priority of COSCO Container Lines, management urges all offices overseas and in China to accelerate the IRIS-2 global implementation plan while making greater efforts to reduce operational cost,” the company said.
   IRIS-2 is the information management system that is being implemented at COSCO. COSCO North America, a regional arm of the Chinese shipping company, is acting as a pilot to introduce the new IT system within COSCO.
   COSCO said that its global network and the new computer system will enable the group to “compete more effectively in today’s unfavorable shipping market by reducing costs through centralization.”
   COSCO licensed the IRIS-2 IT system from Orient Overseas Container Line, the Hong Kong-based container shipping company.