COSCO Shipping Holdings has joined forces with Shanghai International Port Group (SIPG) to purchase Orient Overseas International Ltd. (OOIL), the world’s seventh largest container line.
The merged company will become the world’s third-largest container line, with a market share of 11.5% and total capacity of 2.42m TEU.
OOIL will continue to keep their shipping subsidiary OOCL liner brand, along with its headquarters in Hong Kong.
This merger is just the latest in a series of consolidations that has left the top six shipping lines controlling 63 percent of the market.
If you have any questions concerning shipments booked with Universal Logistics and how they may be impacted by the above, please call (905) 882-4880, ext. 308 – Debbie McGuire, Manager – Freight Solutions.