Latest news from Heavy Lift & Project Forwarding International Magazine

Cosco's OOCL acquisition on track

Cosco Shipping's planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, according to Reuters.

In a press conference held earlier this week, the Chinese carrier's vice chairman, Huang Xiaowen, reportedly confirmed that the deal is still awaiting a number of domestic approvals as well as approval from the USA, where OOCL has assets.

Cosco announced its intention to buy OOCL's parent company, Orient Overseas International Ltd (OOIL), for HKD49 billion (USD6.3 billion) last year, as HLPFI reported here.

According to Reuters, the company also said that it is keeping a close eye on rising trade tensions between China and the USA, although Wang Haimin, Cosco's general manager, said there is currently little evidence that the tensions were affecting cargo volumes.


www.ooilgroup.com
en.chinacosco.com
www.oocl.com

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