China Shipping Reform Fails to Enthuse Investors

By Bloomberg News (Bloomberg) -- China’s biggest shipping reform failed to enthuse investors as two major companies lost more than $850 million in total market value after the government proposed combining operations at its two key ocean liner groups. China Shipping Container Lines Co. and China Cosco Holdings Co. led the declines Monday with drops of as much as 36 … [Read more...]

CSCL’s Second 19,100 TEU Giant Named and Delivered in South Korea

The second installment of the new world's largest containership by cargo carrying capacity, CSCL Pacific Ocean, has officially been named and delivered by the Hyundai Heavy Industries shipyard in South Korea. CSCL Pacific Ocean is the second vessel in a series of five 19,100 TEU giants for China Shipping Container Lines. The vessel was named during a ceremony held on … [Read more...]

Hyundai to Build World’s Largest Container Ships for CSCL

(Bloomberg) -- China Shipping Container Lines Co., the country’s second-biggest shipping company, ordered the world’s biggest container ship, taking over the title from A.P. Moeller-Maersk A/S. Hyundai Heavy Industries Co. will build five vessels each capable of carrying 18,400 20-foot containers for $700 million for China Shipping, the Ulsan, South Korea-based … [Read more...]

CSCL to Sell One Fifth of Total Container Capacity

HONG KONG--China Shipping Container Lines Co. (2866.HK), or CSCL, plans to sell a fifth of its shipping containers for US$358.6 million to raise cash and strengthen its financial position amid a shipping downturn. The world's ninth-largest container shipping company by capacity said in a statement Monday it has agreed to sell 139,941 containers that have been in use for … [Read more...]

Losses Widen at China Shipping

SHANGHAI--China Shipping Container Lines Co. (2866.HK), the country's largest container shipper by capacity, said Wednesday its net loss for the first half of this year widened because of stagnant freight rates. The company said net loss for the six months ended June 30 was 1.28 billion yuan (US$201.6 million), up from a net loss of CNY630.3 million in the year-earlier … [Read more...]