Join our crew and become one of the 105,000 members that receive our newsletter.

cosco shipping

U.S. Questions COSCO’s Takeover of Long Beach Terminal -Report

Reuters
Total Views: 5
April 21, 2018

Reuters(Reuters) – A U.S. national security review has raised concerns about a takeover by China’s COSCO Shipping Holdings Co of a large container terminal in Long Beach, California, the Wall Street Journal reported on Friday.

The terminal is part of COSCO’s planned $6.3 billion deal to buy shipping firm Orient Overseas International Ltd (OOIL) , the Journal reported, citing people familiar with the matter.

COSCO executives met with officials at the Committee on Foreign Investment in the United States (CFIUS) this week and proposed to divest or carve out the Long Beach terminal to ease U.S. concerns about the deal, the report said.

A spokesperson for the Treasury Department, which oversees CFIUS reviews, did not immediately reply to Reuters’ request for comment.

The planned acquisition of Orient Overseas Container Line, OOIL’s main subsidiary, is on track to be completed by the end of June, COSCO Vice Chairman Huang Xiaowen said earlier this month. (Reporting by Sanjana Shivdas in Bengaluru)

(c) Copyright Thomson Reuters 2018.

Weekly Insights from the Helm

Dive into a sea of information with our meticulously curated weekly “Dispatch” email. It’s more than just a newsletter; it’s your personal maritime briefing.

Sign Up
Back to Main
polygon icon polygon icon

Why Join gCaptain Club?

Be Informed: Stay updated with the latest maritime news and trends.

Connect: Network with a community of maritime professionals and enthusiasts.

Gain Insights: Receive exclusive content and personal perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 105,000 members delivered daily straight to your inbox.

gCaptain’s full coverage of the maritime shipping industry, including containerships, tankers, dry bulk, LNG, breakbulk and more.