Sept 11--CHINA Cosco Shipping's purchase Hong Kong's Orient Overseas International Ltd (OOIL), parent of Orient Overseas Container Line (OOCL), was approved this week by the regulating State-owned Assets Supervision and Administration Commission, it was announced.
OOIL stated that the Chinese state-run buyer received clearance from the commission to move forward with the sale.
After finalisation, Cosco will own 90.1 per cent of OOIL, while Shanghai International Port Group will hold 9.9 per cent.
Cosco is now the fifth biggest container carrier in the world in terms of operating fleet capacity, while OOCL clocks in at seventh place, according to ocean carrier schedule and capacity database BlueWater Reporting's Carrier Ranking tool.
Based on present figures, the combined entity would operate vessels with an aggregate capacity of 2.19 million TEU, making it the world's third largest ocean carrier.
(Source:shippingazette)