China’s Cosco Shipping Energy Transportation have signed an agreement with Dalian Shipbuilding, on November 20, for the construction of seven vessels, including four 319,000 DWT VLCC tankers and three 15.8 DWT Suez tankers.
COSCO SHIPPING Ports Limited and Abu Dhabi Ports held a ground-breaking ceremony for the CSP Abu Dhabi Terminal during a high-level event at Khalifa Port. The agreement was signed by Mr. Zhang Wei and Captain Al Shamisi.
COSCO Shipping Energy Transportation revealed that it has approved the proposal for the order of 14 new tankers. The shipbuilding contracts for the new tankers will be signed soon.
Chinese state-owned giant COSCO Shipping informed that its acquisition of the Hong Kong-based Orient Overseas International Limited has passed a US anti-trust review.
The Panama Canal has welcomed the 2,000th Neopanamax vessel transit through its expanded locks, just 15 months after their inauguration, the Panama Canal Authority informed. The 9,504 TEU boxship ‘COSCO Yantian’, measures 351 meters in length and 43 meters in width.
While there were 20 global container lines in 2011 operating in a fragmented industry, the recent Cosco’s takeover of OOCL created a new reality in today’s container shipping, where the top four carriers control 53.8% of the world’s container cargo, according to shipping analyst Xeneta.
Malta Freeport Terminals announced the introduction of a new weekly service to its operations, which links major ports in India, Pakistan, Eastern Mediterranean and the Arabian Gulf. The service, known as ‘IndaMed’, is operated by CMA CGM, APL and COSCO Shipping.
Responding to Shangai Stock Exchange’s recent inquiry, Cosco Shipping has provided further details regarding its offer to acquire Hong Kong-based Orient Overseas International Limited. SSE sent a letter of inquiry to the Chinese giant a few days ago, demanding more clarifications on the takeover.
Shanghai Stock Exchange has sent a letter of inquiry to Shangai-based COSCO Shipping Holdings, demanding for more clarity on the acquisition of the Hong Kong-based Orient Overseas International Limited.
Following a statement on July 9 for COSCO’s and SIPG’s acquisition of the Hong Kong-based OOIL, BIMCO estimates that this step “brings container industry one step closer to liner paradise”. Based on existing fleet and orderbooks, the combined COSCO-OOCL entity would become the world’s third largest container carrier, overtaking its partner in the Ocean Alliance, CMA CGM.
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