Disclaimer

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 is to buy OOCL – ‘almost a done deal’ says insider

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 […]

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China Shipping diverting cargo from LA port to Long Beach because of environmental restrictions, LA port chief says

From The Daily Breeze:

China Cosco Shipping Corp., the world’s fourth largest shipping line, is diverting its cargo away from the Port of Los Angeles to its competitor in Long Beach because of more lax environmental rules at its terminal there, the chief of the L.A. port said Thursday.

The Chinese company, one of the […]

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CMA CGM and Cosco are most likely takers for OOCL, say analysts

CMA CGM and China Cosco are the two most likely carriers to buy OOCL, should its main shareholders decide to sell the company, according to Drewry Financial Research Services (DFRS).

DFRS claimed the acquisition of Hong Kong-headquartered OOCL and its parent company Orient Overseas International Ltd (OOIL) could represent “the final piece for CMA CGM” […]

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Liners leaning more on terminal relationships

From the Journal of Commerce:

Maersk isn’t the only carrier with a terminal relationship [with APM Terminals], with its three closest rivals all involved in the port business — essentially bolt-ons to their core container businesses and with much lower profiles. Mediterranean Shipping Co. owns 65 percent of Terminal Investments — U.S.-based Global Infrastructure Partners […]

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Evergreen containers new to Rupert port

From The Northern View:

New evidence that container shipping lines are choosing Prince Rupert has popped up recently, with the shipping line ‘MSC’ and a new brand of containers coming through the gateway in late 2015 and now in early 2016.

MSC (part of the 2M Alliance consisting of Maersk Line and MSC) has serviced […]

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China Shipping and Cosco merge to become China Cosco

From a Reuters report titled ”China launches new shipping giant to battle downturn”:

China on Thursday launched a challenge to global shippers AP Moller Maersk and Mitsui OSK Lines, but analysts said the giant company must slim down its workforce and order book to weather one of the industry’s worst-ever slumps.

Created from the state-driven […]

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COSCO Secures U.S.$1.75 Billion Credit Line for New Building Scheme

The China Exim Bank has provided a total of CNY580Bn loan to the Chinese shipbuilding sector since its foundation in 1994, and funded 9,637 ships with a total contract value of $197.7Bn.

China’S COSCO group has secured $1.75 billion financial agreement with Export-Import Bank of China (China Exim Bank) for its newbuilding programme.

The loan […]

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China Cosco disposes of 17 boxships and bulkers

State-owned China Cosco Holdings has announced the disposal of 17 vessels with a combined tonnage of 919,853 dwt.

The Chinese shipowner has sold four containerships and 13 dry bulk carriers to the scrapyards between September to December last year, fetching in RMB318.2m ($51.2m) but realising a loss of RMB123.86m.

The loss, however, would be offset […]

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China Cosco slumps to loss as global overcapacity hammers shipping rates

China Cosco said it expects a 32 percent drop in dry-bulk traffic this year.

China Cosco Holdings Co., Asia’s largest shipping line by market value, reported … a net loss of 503 million yuan ($77 million).

“There are too many ships and too much capacity,” said Johnson Leung, head of regional transport at Jefferies […]

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China Cosco Swings to First-Quarter Loss

China Cosco Holdings swung to a loss of $77.3 million in the first quarter ended March 30 as global vessel overcapacity caused a decline in freight rates in the container and dry bulk sectors.

This compared with a net profit of $135.7 in the same period last year, the company said on Thursday in a […]

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Commodity Shipping Has Worst Streak in Five Years on Surplus

Commodity shipping costs measured by the Baltic Dry Index extended their longest losing streak in almost five years as an expanding fleet overwhelmed weakening demand for grain, coal and ore carriers.

The index fell 41 points, or 1.7 percent, to 2,406 points, the lowest since October 2009, according to the Baltic Exchange in London. That’s […]

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