Cosco completes OOCL takeover

Cosco completes OOCL takeover

Orient Overseas International (OOIL), the parent of Hong Kong shipping major OOCL, has announced that Cosco Shipping and SIPG has completed the acquisition of the Hong Kong company.

Cosco announced the plan to take over OOIL in June last year and has been working to get approvals from various authorities around the world in the past year.

Earlier this month, Cosco received approval from the Anti-Monoply Bureau of China for the takeover of OOIL, fulfilling all the preconditions of the $6.3bn deal. It also secured security clearance from the US government by divesting the Long Beach container terminal business to an unrelated third party.

Cosco is now running a combined fleet of around 400 vessels with an annual capacity of around 2.7m teu, making it the third largest ocean carrier in the world.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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