Cosco, China Ship­ping merger ap­proved

China Daily (Canada) - - NEWS CAPSULE -

China’s cab­i­net has ap­proved the re­struc­tur­ing of the coun­try’s two big­gest ship­ping con­glom­er­ates, cre­at­ing the largest oil tanker fleet in the world and the fourth big­gest con­tainer line.

The move will im­prove the com­pet­i­tive edge of ma­jor Chi­nese ship­ping lines by re­al­iz­ing economies of scale, as the global ship­ping in­dus­try faces a long-term down­turn, ac­cord­ing to a joint re­ply to Xin­hua’s ques­tions from the chair­men of the two com­pa­nies.

COSCO has an an­nual freight vol­ume of over 400 mil­lion tons, with more than 700 ships whose to­tal dead­weight reaches 51 mil­lion tons. China Ship­ping has more than 530 ships with 36 mil­lion tons of dead­weight.

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