Above is an AIS recreation of the refloating from VesselTracker: One of the world's largest containerships was pulled free overnight after spending five days hard aground on Germany's Elbe River. The operation to refloat CSCL Indian Ocean began at precisely 2 a.m. when an army of 12 tugboats were simultaneously ordered to push and pull the 399-meter 'megaship' until it … [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...]
It’s Official: China Confirms COSCO, China Shipping Merger
By Bloomberg News (Bloomberg) -- China announced plans to reorganize two major shipping groups with combined revenue of more than $40 billion, paving the way for the creation of one of the world’s largest container lines and demonstrating the country’s intent to create national champions that are globally competitive. China Ocean Shipping Group and China Shipping Group … [Read more...]
China Approves COSCO, China Shipping Merger, Announcement Expected Soon -Report
The Chinese government has reportedly approved the long-anticipated merger between two of China's largest shipping groups, China Ocean Shipping Group Co (COSCO) and China Shipping Group, according to a report Beijing-based Caixin Online. The merger between COSCO and China Shipping will create the world's fourth largest container shipping company. According to … [Read more...]
CSCL Confirms Charters for Six 21,000 TEU Containerships
A unit of China Shipping Container Lines (CSCL) has entered into bareboat charter agreements for the leasing of six ultra-large containerships with a near record-setting carrying capacity of 21,000 TEU, CSCL revealed in an announcement to the Hong Kong Exchanges on Friday. Under the agreements, the six vessels will be leased to a CSCL HK by China Shipping for a … [Read more...]
COSCO and China Shipping Group In Merger Talks, Sources Say
By Brenda Goh SHANGHAI, Aug 11 (Reuters) - China Ocean Shipping (Group) Company (COSCO) and China Shipping Group are in talks over a possible merger, a person with direct knowledge of the matter said, as Beijing accelerates a drive to reform the bloated state-owned sector. Beijing has promised to restructure many state-owned enterprises (SOEs) and streamline … [Read more...]
China Considers Merging CSCL and COSCO in Major State-Owned Overhaul -REPORT
By Bloomberg News (Bloomberg) -- China’s stocks rallied for their biggest gain in a month amid speculation the government will accelerate mergers of state-owned enterprises to bolster economic growth. The Shanghai Composite Index jumped 4.9 percent to 3,928.42 at the close, led by industrial, energy and telecom companies. China Shipbuilding Industry Co., China … [Read more...]