Cosco Shipping Holdings and Shanghai International Port Group Announce Intent to Purchase Orient Overseas International Ltd.
Date Posted: July 13, 2017
This article is reprinted from the USDA's July 13 Grain Transportation Report.
On July 9, Cosco Shipping Holdings and Shanghai International Port Group announced their intent to purchase Hong Kong based Orient Overseas International Ltd., the parent company of Orient Overseas Container Line (OOCL).
This merger will be the latest in a series of mergers and acquisitions in the container ocean shipping industry over the past few years.
The deal awaits final approval from shareholders as well as regulatory authorities in both the United States and China.
Should the deal go through, Cosco will be the third largest global ocean container carrier with more than 400 vessels and a capacity exceeding 2.9 million twenty-foot equivalent units.