Cosco to Buy OOCL

Posted on Jul 10

Cosco Shipping Holdings and Shanghai International Port Group plan to buy Orient Overseas (International) Limited (OOIL), the owner of Orient Overseas Container Line (OOCL) for $6.3 billion, creating the second-largest mover of US containerized goods with a fleet of more than 400 ships, totaling a capacity of 2.9 million TEU including current capacity on orders.The two carriers would operate the third-largest mega-ship fleet, and both are and will continue to be members of the Ocean Alliance, with OOCL remaining a separate brand.Cosco earlier this month announced a $272 million profit for the first half, turning around a $1 billion loss in the same period last year, while OOCL reported a $273 million loss in 2016.