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 ... [+]
