Mergers key to riding out downturn: China COSCO Shipping
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Shanghai
THE shipping industry is experiencing its worst downturn since the 2008 global financial crisis, making mergers key to riding out this tough period, the chairman of China Cosco Shipping Corporation (COSCOCS) said on Thursday.
Xu Lirong was speaking to reporters on the sidelines of an event to launch COSCOCS, which was formed by a government-driven merger of former domestic rivals China Ocean Shipping (Group) Company and China Shipping Group that has created one of the world's largest shipowners.
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