COSCO’s takeover of OOCL establishes mega liner operator

COSCO’s takeover of OOCL establishes mega liner operator

COSCO’s takeover of OOCL establishes mega liner operator

Following COSCO’s completion of its takeover of Hong Kong’s OOIL, parent of Orient Overseas Container Line (OOCL), the two will operate a combined fleet of around 400 vessels, totalling 2.7 million TEUs, which will grow with the 19 vessels on order, boosting capacity to 2.93 million TEUs by the end of the year, it is learnt.

According to analysts, the combined operator will be the third largest in the world.

COSCO said in a statement that both lines will make their own decisions on rates based on their own business strategy/policy and characteristics of respective products and maintain their own pricing and approval systems.

However, it added that the pick-up and use of containers will be easier for customers through measures, including centralised procurement, interchanging use of containers and so on, reports said.

Manjula

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