By Mike Wackett (The Loadstar) - COSCO Shipping posted a net profit of $264m in 2017, reversing a loss of $1.1bn in the previous year, as it targets a June date for closing the $6.3bn takeover of Orient Overseas International Lines (OOIL) and its container line arm, OOCL. Turnover at the Chinese state-owned carrier leapt 30%, compared with the previous year, to $12.8bn, … [Read more...]
COSCO Shipping’s Takeover of OOCL to Close by End-June, Vice Chairman Says
By Brenda Goh SHANGHAI, April 3 (Reuters) - COSCO Shipping's planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, the company's vice chairman Huang Xiaowen said on Tuesday. COSCO is still answering questions from the Committee on Foreign Investment in the United States on the deal, and is also awaiting a number of … [Read more...]
COSCO Takes Biggest Container Line Title from Maersk
By Mike Wackett (The Loadstar) - A 23% increase in containers lifted allowed Cosco to steal the top spot from Maersk Line in the third quarter. The Chinese carrier loaded 5.49 million teu, compared with the Danish carrier’s 5.26m. According to Alphaliner’s liftings league table, the Chinese line loaded 23% more containers in Q3 than in the same period of 2016, whereas … [Read more...]
COSCO Shipping Books $288 Profit in First-Half of 2017
SHANGHAI, Aug 30 (Reuters) - China's COSCO Shipping Holdings Co Ltd reported a first-half profit on Wednesday and forecast that improved demand in the container shipping market would continue for the rest of the year. China's largest shipping group, which last month offered to buy a Hong Kong peer to become the world's third-largest container liner, said January-June net … [Read more...]
COSCO Deal to Make Ex-Hong Kong Chief, Family $1 Billion Richer
By Robert Olsen (Bloomberg) -- Former Hong Kong Chief Executive Tung Chee-hwa and his family will be about $1 billion richer with the sale of their container shipping line to Cosco Shipping Holdings Co. Tung’s personal net worth will increase by about $400 million to $2.9 billion, according to the Bloomberg Billionaires Index, based on the $6.3 billion Cosco offered for his … [Read more...]