The State Council has cleared the merger deal of China Ocean Shipping Group and China Shipping Group, Caixin magazine said on Thursday [10 December 2015] quoting sources close to the matter. The merged entity, China Cosco Shipping Group, will be headquartered in Shanghai, the magazine said, adding that the preliminary integration scheme will be announced on Friday. Once completed, it would create the world’s fourth-largest container operator, after Denmark’s AP Moller Maersk Group, Switzerland’s Mediterranean Shipping Co and France’s CMA CGM SA…Full Article: China Daily Dec 2015
- Founded in 1961, Beijing’s Cosco has 175 container ships. Founded in 1997, China Shipping has 156 container ships.
- In October 2015, China Shipping began a grain shipping service with China’s COFCO Group. China Shipping Group and COFCO would reportedly import 3.5 million MTs of grain per year.
- In August 2015, China was considering merging China Ocean Shipping Group (COSCO) with China Shipping Group. COSCO is China’s largest shipping company by fleet size.
- In 2014, the top Chinese ports in terms of container traffic of Twenty-foot Equivalent Units (TEUs) are Shanghai, Shenzhen, Hong Kong, Ningbo-Zhoushan, Qingdao, Guangzhou, Tianjin, Dalian, Xiamen, Lianyungang and Yingkou. In 2014, Shanghai was the world’s busiest container port with 35.2 million TEU transported through the port. In 2013, Shenzhen surpassed Hong Kong as China’s second busiest container port.