By Mike Wackett (The Loadstar) - Orient Overseas International (OOIL) suffered a loss of $73m in its OOCL container business in the first six months of the year, following a profit of $24.5m in the same period of 2017. H1 turnover was $3.1bn, versus $2.8bn the year before, earned from liftings which had increased by 6% to 3.3m teu. But increased costs hit the bottom … [Read more...]
Pledging to Sell Long Beach Terminal, COSCO Clears U.S. Hurdle on OOCL Deal
By Bloomberg News (Bloomberg) -- Cosco Shipping Holdings Co. pledged to sell a container terminal in California, helping allay concerns of U.S. regulators and clearing the way for its $6.3 billion acquisition of Orient Overseas International Ltd. announced last year. The state-owned shipping giant signed a national security agreement with the U.S. on July 6 to … [Read more...]
Investors Nervous as Doubts Raised Over COSCO Takeover of OOCL
By Mike Wackett (The Loadstar) - COSCO’s $6.3bn takeover of Orient Overseas International (OOIL), parent of container line OOCL, is now in doubt, according to Alphaliner. The consultant said “doubts remain” whether the acquisition could be completed by the 30 June completion deadline. The deal, announced in July last year, would see COSCO acquire 90.1% of OOIL shares and … [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 Acquisition of OOCL Still Faces ‘Degree of Uncertainty’
By Mike Wackett (The Loadstar) - Cosco Shipping Holdings resumed trading on the Shanghai Stock Exchange (SSE) today, more than two months after its shares were suspended on the bourse. The move brings an end to speculation that Cosco had another carrier target on its radar, after it announced plans to scoop up OOIL’s OOCL earlier this month. Nevertheless, there remains … [Read more...]