Introducing COSCOCS: China’s New Shipping Giant to Ride Out Downturn

By Brenda Goh SHANGHAI, Feb 18 (Reuters) - 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 merger of former rivals China Ocean Shipping (Group) Company and China … [Read more...]

COSCO, China Shipping Merger to Result in New Company, Regulator Says

SHANGHAI, Jan 4 (Reuters) - China Ocean Shipping Group Co (COSCO) and China Shipping Group Co will become a new entity after merging, led by the latter's current chairman, China's state-owned assets regulator said on Monday. The former rivals said in December they would merge through a series of asset swaps, creating units focused on distinct business areas such as container … [Read more...]

China Shipping Shares Diverge After Consolidation Plan

By Bloomberg News (Bloomberg) -- Chinese investors got their first opportunity to react to a plan for consolidating the nation’s two state-owned shipping groups when shares of their listed units resumed trading Friday. They promptly pushed two of the stocks down by the daily limit in Shanghai trading while bidding another up by as much as 8 percent. China Shipping … [Read more...]

Merger with COSCO Would Mean Container Shipping Exit for CSCL

By Gavin van Marle (The Loadstar) -- Cosco and China Shipping have released details of their forthcoming merger, which is likely to see the latter quit container shipping. The plan is for China Shipping to manage the tanker operations, financing activities, shipowning and leasing arm of the merged company, while Cosco operates the vessel and service network and container … [Read more...]

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...]