Shipment management software solutions provider, CargoSmart, announced the execution of Global Shipping Business Network (GSBN) Services Agreements with maritime industry operators CMA CGM, Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group.
A former UBS banker in China has been sentenced to nine years in jail by a Shanghai court, on the grounds of disclosing inside information regarding an acquisition deal in 2017. Documents show that the UBS banker shared information with two associates about a Chinese shipping firm’s acquisition of a Hong Kong company. Though it did not name the companies, Chinese media and the Wall Street Journal noted that it was Cosco Shipping’s $6.3 billion acquisition of Orient Overseas Container Line.
Chinese shipping company Orient Overseas (International) Limited (OOIL) announced a Sale and Purchase Agreement to sell 100% of the Long Beach Container Terminal to a consortium led by and Macquarie Infrastructure Partners (MIP), for US$1.78 billion.
French container shipping company CMA CGM announced the launch of the Ocean Alliance Day 3 Product, along with its partners in the Ocean Alliance, COSCO Shipping, OOCL, and Evergreen. A total of 330 ships will be deployed under the new service, which is expected to start from April 2019.
Maersk and IBM are reportedly struggling with their blockchain platform, TradeLens, as besides them, only one other carrier has joined in, Pacific International Lines. This comes at a time when, Maersk’s competitors such as CMA CGM, Cosco, Evergreen, OOCL and Yang Ming have also established a similar platform.
Ocean Alliance with Yang Ming and major terminal operators initiated a blockchain consortium in order to establish a digital platform. Τhe pilot project will consist an application which will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2018.
Hong Kong-based OOCL announced it will begin transition into the use of Low Sulphur Fuel for its entire fleet during the second half of 2019, in order to meet the 2020 sulphur requirements. OOCL added it will be introducing a bunker recovery approach based on a floating bunker formula.
In line with its efforts to decrease environmental footprint from its operations, Hong Kong-based OOCL announced the expansion of its GHG reporting and verification scope, to include indirect emissions from business travel by air for employees of its Hong Kong office and for its two terminals, in US and Taiwan.
Orient Overseas announced its 2018 Interim Results, with outgoing Chairman of OOIL, Mr. C C Tung commenting on the upcoming merger with Cosco. Mr. C C Tung seemed optimistic about this development and noted that this transaction will offer many opportunities to both the companies.
Orient Overseas International informed that Cosco and SIPG acquired Orient Overseas Container Lines. The proposed takeover will cost $6.3 billions. Earlier this month, Cosco had received the decision from the Anti-Monopoly Bureau of the State Administration for Market Regulation of China, not to prohibit the offer.
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