Wednesday 26th Sep, 2018

COSCO completes OOIL acquisition

OOCL-and-COSCO

COSCO Shipping announced this week it had completed the acquisition of Orient Overseas International Limited (OOIL), the parent company of OOCL.

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In a letter to customers, COSCO said the two liner companies would continue to operate independently as two brands, maintaining existing operational models and management channels.

The company said there would be no changes to shipping schedules and slot arrangements due to the finalisation of the transaction.

The two companies jointly operate 409 shipping routes in the major markets, with a total of 22,000 employees in 46 countries.

According to COSCO Group, it and OOIL have 19 vessels on order, which would add capacity of about 330,000 TEU, edging its total capacity to 2.93m TEU by the end of 2018.




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