Consolidation of shipping lines, realignment of carriers alliances, environmental improvements in the shipping industry and achieving supply chain efficiencies were all among topics addressed during the U.S.-China Bilateral Maritime Consultations held in Los Angeles last week.
Federal Maritime Commission (FMC) Chairman Mario Cordero co-headed the U.S. delegation to the meeting with Deputy Maritime Administrator Michael […]
During the inauguration, COSCO Shipping Panama will transit Agua Clara Locks on the Atlantic side during the early morning and Cocoli Locks in the afternoon. The regular schedule of transits through the Expanded Canal will follow the next day, June 27.
From Maritime Professional:
The container vessel COSCO Shipping Panama set sail from the […]
From Ship and Bunker:
CMA CGM S.A. (CMA CGM) Wednesday announced that it has signed a Memorandum of Understanding (MoU) with COSCO Container Lines (COSCO), Evergreen Line (Evergreen) and Orient Overseas Container Line (OOCL) to form a new shipping alliance, known as “Ocean Alliance.”
Ocean Alliance would control 23.5 percent of the world’s container capacity, […]
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 […]
From Marine Link:
The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry, says a report in the WSJ.
The merger will free the two Chinese shipping groups from competing against each other at home and […]
From Port Technology:
In a bid to explore navigation in the Northwest Passage and develop ships that are suitable for Trans-Arctic shipping, Cosco and classification service provider American Bureau of Shipping (ABS) have signed a cooperation agreement, which also aims to expand Cosco’s use of the Northeast Passage, according to World Maritime News.
It was […]
Ma Zehua, the man who replaced Wei Jiafu as chairman and party secretary for China Cosco Holdings in 2013 when the charismatic executive quit unexpectedly, stepped down Thursday as chairman of the mainland’s largest carrier.
He will be succeeded by non-executive director Wan Min, China Cosco said in a filing to the Hong Kong […]
China’s two state shipping giants will combine their container-shipping assets among other restructuring efforts, as part of a multibillion-dollar merger to strengthen the nation’s competitiveness in an industry battered by weak demand and persistent overcapacity.
China’s State Cabinet on Friday approved the merger between China Ocean Shipping (Group) Co., or Cosco Group, and China Shipping […]
Plagued by overcapacity and ongoing losses, the container shipping industry is rife with talk of potential mergers and acquisitions. The consolidation of the highly fragmented industry is long overdue, especially when contrasted with such other heavily capitalized transportation sectors as railroads and airlines.
The possibility that a new wave of M&A may be imminent was […]
The extent of Arctic sea ice this October was the sixth-lowest on record, according to a National Snow and Ice Data Center release last week — in a year in which the overall seasonal low reached its fourth-lowest extent on record in September.
Figures such as those have fueled renewed interest in Arctic shipping, which […]
A U.S. Federal Maritime Commissioner said he was told earlier this week by representatives of China Shipping Container Lines and Cosco that the container lines are in the early stages of a merger.
FMC Commissioner William Doyle told JOC.com that China’s two largest container lines are working to be as transparent as possible regarding the […]
Excerpts from the Wall Street Journal:
The Wall Street Journal reported the impending Cosco order in April. At the time, some senior company executives had reservations about following bigger competitors—including Maersk Line, a unit of Denmark’s A.P. Møller-Maersk A/S, Switzerland-based Mediterranean Shipping Co. and France’s CMA CGM SA—that already operate dozens of such behemoths.
Cosco and China Shipping said recently that they were discussing a “material event,” widely believed to be a merger, and would extend the trading halt on Hong Kong and Shanghai exchanges that has been in force since August 10.
“At present, the event is in the planning process, there are still uncertainties,” China Cosco Holdings […]
It’s been previously reported that Russian President Vladimir Putin has promised his Chinese counterpart Xi Jinping favorable conditions for use of the Northern Sea Route.
As one of its cargo ships arrives in Sweden after the transcontinental voyage, shipping company Cosco says it might boost shipments along the Arctic route.
Questions are raised about profitability […]
Cosco has reportedly ordered nine 20,000-teu ships, with an option for four additional vessels of the same size, according to several news media.
The ultra-large container ship newbuilding order comes just days after Maersk Line ordered 11 similarly-sized vessels of 19,630-teu each. That order came after CMA CGM confirmed it had ordered six 14,000-teu ships, […]