COSCO Takes Majority Stake in OOCL

COSCO ShippingImage Courtesy: Pixabay under CC0 Creative Commons license

China’s COSCO Shipping Holdings has taken the helm at Orient Overseas Container Lines (OOCL) as it completed the acquisition of the company’s majority stake.

OOCL’s parent company, Orient Overseas International (OOIL), informed that the COSCO Shipping and SIPG finalized the acquisition of more than 50% of the issued share capital of OOCL.

As of July 24, COSCO Shipping is an indirect controlling shareholder of OOCL.

COSCO Shipping overcame the final hurdle for its proposed USD 6.3 billion takeover of OOCL in late June when it received an approval for the deal from the Chinese anti-trust body.

The company earlier informed that, once the transaction is completed, COSCO would hold 90.1% of OOIL, thus becoming the world’s third-largest container carrier.

COSCO would have a combined fleet of 400 vessels, with capacity exceeding 2.9 million TEUs including orderbook, according to Drewry’s estimate.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >