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...]
OOCL and Microsoft to Develop Artificial Intelligence Applications for the Shipping Industry
Hong Kong-based shipping company Orient Overseas Container Line (OOCL) has teamed up with Microsoft's research arm in Asia to advance the application of Artificial Intelligence research in the shipping industry. The collaboration will look for ways to use AI to improve shipping network operations and achieve efficiencies within OOCL's business. The project is expected to … [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...]
Ship Photos: World’s Largest Containership Docks in Wilhelmshaven
One of the world's largest containerships docked at the EUROGATE Container Terminal in Wilhelmshaven, Germany on Monday during its maiden voyage from China to Northern Europe. The 21,413 TEU OOCL Germany was constructed at the Samsung Heavy Industries in Geoje, South Korea and delivered to OOCL in August. It is the second of six 21 thousand TEU class vessels on order at the … [Read more...]
OOCL Needed Cash and COSCO’s ‘Weight’ to Compete with Mega-Carriers
By Mike Wackett (The Loadstar) - OOCL was too small to compete with mega-carriers and needed access to a large capital base to succeed, its chairman said today. OOCL returned to the black in the first six months of the year, contributing a net profit of $25.3m to the H1 result of its parent, Orient Overseas International Ltd, (OOIL). This compares with a loss of $82.4m … [Read more...]