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...]
COSCO Buying OOCL Would Create Trans-Pacific Container King
By Kyunghee Park, Daniela Wei and Shawna Kwan (Bloomberg) -- China is the new leader of shipping trade to the Americas. State-owned Cosco Shipping Holdings Co.’s $6.3 billion offer to buy Orient Overseas International Ltd. would create an entity that’s the biggest shipping company moving boxes to the North American continent from Asia, beating Copenhagen-based A.P. … [Read more...]
COSCO Shipping to Buy OOCL for $6.3 Billion
By Brenda Goh and Matthew Miller SHANGHAI/BEIJING, July 9 (Reuters) - COSCO Shipping Holdings Co Ltd has offered to buy Orient Overseas International Ltd (OOIL) for HK$49.23 billion ($6.30 billion), in a deal that will see the mainland China group become the world's third largest container liner. The proposed deal is the latest in wave of mergers and acquisitions in global … [Read more...]
COSCO Offers $6.3 Billion For Orient Overseas
By Brenda Goh and Matthew Miller (Reuters) COSCO Shipping Holdings Co Ltd (601919.SS) has offered to buy Orient Overseas International Ltd (OOIL) (0316.HK) for HK$49.23 billion ($6.30 billion), in a deal that will see the mainland China group become the world's third largest container liner. The proposed deal is the latest in wave of mergers and acquisitions in global … [Read more...]
COSCO Shipping Flags First-Half Profit on Improving Market
SHANGHAI, July 6 (Reuters) - China's COSCO Shipping Holdings expects to post a profit of around 1.85 billion yuan ($272 million) in the first half, helped by an improving shipping market. The world's fourth-largest container shipping line made the forecast in a stock market statement on Thursday. It recorded a loss of 7.2 billion yuan in the same period last … [Read more...]
COSCO Shipping Teams Up with Greece’s Piraeus Port to Boost Container Traffic
ATHENS, June 12 (Reuters) - Piraeus Port, operator of Greece's biggest port and majority-owned by China's COSCO Shipping, has agreed to team up with the operator of Shanghai port, the world's largest container port, to promote container shipping traffic. Piraeus, COSCO Shipping and Shanghai International Port Group (SIPG) have agreed to cooperate in project planning, staff … [Read more...]
China COSCO Shipping to Post Q1 Profit
SHANGHAI, April 8 (Reuters) - China's COSCO Shipping Holdings said it would report a profit in the first-quarter, boosted by an improving market and cost savings from a recent merger. The world's fourth-largest container shipping line said in a stock market statement late on Friday that it expects to post a net profit of 260 million yuan ($37.7 million) for the three months … [Read more...]