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The articles excerpted on this site report on the state of the industry as seen by mainstream media, and do not necessarily reflect the opinion of the officers of the ILWU Coast Longshore Division.

COSCO offers $6.3 billion for smaller rival Orient Overseas

From US News:

China’s biggest shipping company, state-owned COSCO Shipping Holdings Co., is creating the world’s No. 3 container shipping giant by acquiring rival Orient Overseas (International) Ltd.

Shares in both companies surged Monday following the announcement of the $6.3 billion deal.

A wave of consolidation has created huge competitors in a global shipping industry that is struggling with sluggish trade and depressed prices.

More at US News

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