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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.


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www.oocl.com

Heavy Lift | News

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MOL increases PKT stake

August 21 - Mitsui O.S.K Lines (MOL) has completed the acquisition of 14.27 percent of the shares in Malaysia’s PKT Logistics Group.
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Universal acquires Southern Counties thumbnail image

Universal acquires Southern Counties

August 13 - Universal Logistics Holdings, a provider of customised transportation and logistics solutions, has acquired Southern Counties Express.
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