Three shipping giant formed Asian alliance
Cosco Container Lines, a unit of China Cosco Shipping, became the world’s fourth-largest container shipping line after the merger.
Cosco Container Lines signed a memorandum of understanding to form a partnership with France’s CMA CGM, Hong Kong-based Orient Overseas Container Line and Taiwan’s Evergreen Line in Shanghai.
The merger between China Ocean Shipping and China Shipping came as part of the mainland’s restructuring of its state-owned enterprises.
The Ocean Alliance, which is due to begin operations in April next year with an initial period of five years, would allow the members to serve the sea lanes covering Asia. The new alliance had yet to obtain regulatory approvals. ■