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.
Hong-Kong based OOCL christened its latest 21,413 TEU containership, OOCL United Kingdom, on 27 September, at Samsung Heavy Industries shipyard, South Korea. The vessel is the fourth in the line of six ordered from SHI.
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.
Orient Overseas Container Line named the third of six 21,000 TEU class container ships, as “OOCL Japan”, at the Samsung Heavy Industries shipyard. The company also informed that OOCL Japan’s sister vessel, OOCL Hong Kong, has officially been recorded as the world’s biggest container ship in the Guinness World Records.
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.
COSCO Shipping Holdings and Shanghai International Port have made a pre-conditional voluntary general offer to all shareholders of Orient Overseas International Limited, to acquire all issued OOIL shares. On completion, assuming all OOIL shareholders tender their shares, COSCO will hold 90.1%, while SIPG 9.9% of OOIL.
The world’s largest container ship, the 21,413 TEU OOCL Hong Kong, has made its maiden call at Hutchison, Port of Felixstowe, UK. The call represented a double celebration, as it also marked the return of OOCL to the UK’s largest container port after a 17 year absence.
On May 24, the Panama Canal welcomed the Neopanamax container vessel “OOCL France”, making it the largest capacity vessel to transit the Expanded Canal, since it was inaugurated, in June 2016. The containership, which measures 366.47 meters in length and 48.23 meters in beam, with 13,926 total TEU allowance, transited northbound from the Pacific to the Atlantic Ocean.
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