Can't miss the irony in liner trade consolidation
How is it progress when regulatory intervention leaves the sector with just a few large carriers that probably won't need to compete on price
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COSCO'S takeover of Hong Kong-based Orient Overseas International Ltd (OOIL) just over a fortnight ago takes the container industry one step closer to "liner paradise", or at least that is the view of shipping industry analyst Drewry.
A joint statement was issued by Hong Kong-based OOIL, Chinese state-owned Cosco Shipping Holdings Ltd (Cosco) and Shanghai International Port Group Co (SIPG) for the latter two to acquire all of OOIL shares at an offer price of HK$78.67 (S$13.70) per share.
This is the latest consolidation in a trend which is seeing the number of big, long haul container shipping lines falling steadily. Of course, one of the most notable examples was the takeover of Neptune Orient Lines by CMA-CGM.
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