China’s era of mergers of state-owned lines is not over yet. In recent years Cosco has merged with China Shipping, China Merchants with Sinotrans and Changjiang Shipping, giving the country shipping titans that are among the world’s largest fleets. Further consolidation is being sought however from Beijing as the nation’s state-backed lines still struggle financially.
Xiao Yaqing, head of state-owned Asset Supervision and Administration Commission (SASAC), told Reuters yesterday China will push ahead with more mergers and consolidations among state-owned lines.
The most likely initial focus of further consolidation, Splash sources in Beiing say, will be among provincial lines which will be folded into centrally controlled giants such as Cosco.