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.

Stakeholders at U.S. ports are spending $9bn a year to accommodate the next generation of super-sized container ships. But simply expanding physical infrastructure will not be enough to mitigate port congestion. With fewer vessels moving more containers per call, U.S. ports need to fundamentally change the way containers are moved in and out of terminals.

The U.S. is expected to change from a net importer of natural gas to a net exporter, with those exports destined for different regions of the world, especially Asia. It's a development that could see the nation building 100 new ships, a prospect that the Government Accountability Office says could take 30 years.

CMA CGM has made an all-cash offer to acquire Singapore's Neptune Orient Lines (NOL).