Executive Briefings

Merger of Chinese Ocean Lines to Create World's Fourth-Largest Container Shipping Company

China's cabinet has approved the merger of its two biggest shipping conglomerates, China Ocean Shipping Company (COSCO) and China Shipping Group Company (parent of CSCL), in the government's latest effort to make the industry more competitive globally.

Merger of Chinese Ocean Lines to Create World's Fourth-Largest Container Shipping Company

The combined entity would become the world's fourth-largest container shipper, with a market share of roughly 8.1 percent. That would be far behind AP Moeller-Maersk A/S, Mediterranean Shipping Co SA and CMA CGM SA.

"With the approval of the State Council, COSCO and China Shipping will be restructured," the state asset supervisor said on its website on Friday, using a phrase commonly understood to refer to the merger. It gave no other details.

A listed unit of China Shipping, China Shipping Network Technology Co. Ltd, said the merger will focus on freight transport, container shipping, and oil transport services, in a stock exchange filing.

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The combined entity would become the world's fourth-largest container shipper, with a market share of roughly 8.1 percent. That would be far behind AP Moeller-Maersk A/S, Mediterranean Shipping Co SA and CMA CGM SA.

"With the approval of the State Council, COSCO and China Shipping will be restructured," the state asset supervisor said on its website on Friday, using a phrase commonly understood to refer to the merger. It gave no other details.

A listed unit of China Shipping, China Shipping Network Technology Co. Ltd, said the merger will focus on freight transport, container shipping, and oil transport services, in a stock exchange filing.

Read Full Article

Merger of Chinese Ocean Lines to Create World's Fourth-Largest Container Shipping Company