COSCO has announced that it has opened a "global shipping operations centre" in Shanghai to optimise its business structure, lower cost and increase efficiency in the current shipping downturn, Xinhua reports.

The global shipping operating centre will integrate various functions from schedule arrangement to control of fuel consumption.

Cosco will control and oversee all its ships and cargo via the global shipping operations centre, ensuring that schedules are carried out on time so as to enhance reliability.

The unit will also coordinate with the ports around the world to optimise its direct and feeder networks, manage the global repositioning of empties and control their volume at designated ports for repositioning.

As of June 30, Cosco operated 187 containerships totalling 838,100 TEU, making it the fifth largest carriers in the world.

To improve service, the carrier introduced targets in five areas of improvement in June, including space booking, release of empties, issuance of bills of lading, invoicing and dispute resolution.