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China shipping giants to merge

[ December 14, 2015   //   ]

Hot on the heels of CMA CGM’s plan to take over Singapore’s NOL, two giants of Chinese shipping have confirmed that they are to merge after China’s state cabinet approved the deal.

China Ocean Shipping Company (COSCO) and China Shipping Group – currently sixth and seventh largest lines respectively – say they will create the world’s fourth biggest carrier with around 8.1% of the global market, ahead of Hapag Lloyd and behind the merged CMA CGM/NOL operation. The deal also covers other aspects of shipping including oil and gas and ports.

Cosco is currently a member of the CKYHE alliance with K Line, Yang Ming Line, Hanjin and Evergreen while China Shipping is joined with CMA CGM and UASC in the Ocean3 grouping.

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