COSCO Shipping Holdings combined with Shanghai International Port Group has confirmed deal to purchase the OOCL parent company for USD6.3Billion.
The move places COSCO third largest within the shipping line market behind Maersk and MSC, moving to an 11.6% market share over CMA CGM with 11.3%.
The combined CCOSCO-OOCL will operate 400+ Vessels according to Alphaliner estimates.
This purchase continues the consolidation within the industry expected among the largest players in the market in the wake of Hanjins collapse covered here on the Asean news site.
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