|The Cosco Prince Rupert at port side|
(photo from PRPR photo stream)
A major shake up in the world shipping community was announced today, as the Cosco Shipping Line, outlined it's plans to swallow up rival shipping company Orient Overseas in what could be a 6.3 Billion dollar deal should shareholders and regulators approve.
If the takeover plan moves forward, Cosco would become the third largest shipping line in the world, with only Maersk and the Mediterranean Shipping company ahead of it.
According to the information release that announced the takeover plans, once the deal is complete, COSCO will continue to operate OOCL under its current brand.
Cosco is one of the regular lines to call on the Fairview Container Port and has built up its transits to and from Asia through the Prince Rupert gateway in recent years, such is its new attachment to the Port that one of the newest vessels in the Cosco fleet is named after the City, the Cosco Prince Rupert.
By adding to its reach in the shipment of goods, the expanded Cosco line could continue to add to its existing schedule of crossings to North American ports, including Prince Rupert.
The merger plan is the latest development for the changing nature of the global shipping industry int he wake of the Hanjin bankrputcy last year.
Cosco deal to make ex-Hong Kong Chief, Family $1 Billion richer
China's COSCO buys Hong Kong rival to create new Asian shipping giant
China shipping firm Cosco to buy HK rival OOIL for $6.2 bn
COSCO shipping, Orient Overseas shares leap after lofty $6.3 billion bid
More items of interest related to container shipments through the Port of Prince Rupert can be found on our Fairview Terminal archive page.
Cross posted from the North Coast Review