Business, Freight News, Sea

China Approves Consolidation, Reorganization of COSCO and China Shipping Group

[ December 15, 2015   //   ]

China has approved the consolidation and reorganization of China Ocean Shipping Group (COSCO) and China Shipping Group to create one of the world’s largest container lines with a combined revenue of more than $40 billion.

This move is an indication of China’s intention to overhaul inefficient state-run companies and create national firms that are globally competitive.

The two shipping lines will consolidate operations and create four listed entities that will each focus specifically on container shipping, shipping financing, oil and gas shipping, and the global terminal business.

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