Viernes 22 de Junio del 2018

China Cosco Shipping Corporation established the merged container operator China Lines

The restructuring of the group’s container business will be finalized this month and the restructuring of its oil shipping business and bulk shipping business will be completed in April and May respectively

The merged mega-company China Cosco Shipping Corporation (COSCOCS) officially announced the establishment of container line China Lines. China Lines will become the world’s fourth largest container line in terms of capacity, formed by the merger of Cosco COntainer Lines and China Shipping Container Lines. The company will start operations in the second half of the year after full restructuring of its domestic shipping network. The international operations of the company will not be reflected by restructuring and no changes are expected until 2017.

“China Lines will start official operations in the second half of this year and will restructure its domestic shipping network in the major coastal ports including Shanghai, Ningbo, Tianjin, Qingdao, Dalian, Xiamen. The group will not make any changes on its international shipping network before 2017”, said the President of COSCOCS, Xu Lirong. “The restructuring of the group’s container business will be finalized this month and the restructuring of its oil shipping business and bulk shipping business will be completed in April and May respectively”, added he.

Meanwhile, the merger between Cosco and China Shipping, which are the largest shipping groups in China, was approved by the state council and anti-trust regulators. The deal was ordered by Chinese government during the last year in attempt to optimize the country’s shipping business.

Fuente: News Maritime

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