From The Loadstar:

China’s Cosco Shipping may be about to announce that it is to acquire Hong Kong-based carrier OOCL.

An insider source has told The Loadstar a takeover of the container arm of Tung family-led Orient Overseas International (OOIL) is “almost a done deal”.

In January, reports surfaced of a $4bn price tag put on the container line by OOIL as the Chinese state-owned line, French carrier CMA CGM and Taiwanese line Evergreen were touted as potential bidders.

However, all parties denied at the time that they were in talks.

Subsequently OOCL joined with Cosco, CMA CGM and Evergreen in the Ocean Alliance and saw volumes and revenues improve in the first quarter, year on year.

More at The Loadstar