Cosco Shipping is preparing an offer to purchase the Hong Kong carrier Orient Overseas Container Line (OOCL) for $4 billion, according to splash24/7 with reference to the Wall Street Journal.
According to some sources, the negotiations lasted for several months, but the companies themselves have not confirmed this information.
If the merger does occur, it will mean that liner shipping is global, and the market will remain mostly only the big players.
Corporation China COSCO Shipping Corp Ltd was formed through the merger of the assets of China Ocean Shipping (Group) Company and China Shipping Group. The merger process began in the summer of 2015 and officially ended on 18 February 2016.
The merger of the two largest Chinese shipping companies Corporation China COSCO Shipping Corp Ltd became the largest ocean carrier in the world.