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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.


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

Heavy Lift | News

NYK confirms NCA fleet reduction thumbnail image

NYK confirms NCA fleet reduction

November 14 - NYK Group, the parent company of Nippon Cargo Airlines (NCA), has confirmed that the airline will scale down the size of its freighter fleet to only one variation of Boeing 747.
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Fesco wins Rooppur nuclear contract thumbnail image

Fesco wins Rooppur nuclear contract

November 12 - Atomstroyexport has contracted Fesco Transportation Group to deliver equipment for the construction of the Rooppur nuclear power plant in Bangladesh.
Views: 1261

Heavy Lift Across The World

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