OOIL Denies Reports on OOCL Sale Talks

Image Courtesy: OOCL

Orient Overseas International Ltd (OOIL) has refuted media reports which inform that the company is involved in talks to sell its subsidiary Orient Overseas Container Line (OOCL).

OOIL stated that it “is not aware of, nor is it involved in any bid relating to the company or OOCL” with other shipping firms.

The announcement was made following reports by The Wall Street Journal, informing that China’s major Cosco Group was interested in buying OOCL for a price of around USD 4 billion. Sources familiar with the matter were cited as saying that the companies were “in advanced discussions,” with the deal expected to be reached in July.

World Maritime News contacted Cosco Group for some details on the matter, however, the company is yet to reply.

Rumors on the sale first emerged in January 2017 on the back of an increase in market consolidation as the shipping industry struggled to recover. Both parties denied the initial reports, which mentioned that China COSCO Shipping was to participate in bidding for OOCL alongside Evergreen Marine Corp and French giant CMA CGM.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Europort 2017

The 38th edition of Europort will take place from 7-10 November 2017 in Rotterdam Ahoy. Established as one of the world’s leading maritime…

read more >

Mozambique Gas Summit & Exhibition

Mozambique Gas Summit & Exhibition is recognised as the leading strategic meeting for Mozambique’s gas industry. Working in partnership…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >