COSCO Says Merger Key to Riding Out Unprecedented Downturn

The scale of the current shipping industry downturn is unprecedented and a merger is key to riding out the tough period, the chairman of new shipping giant, China Cosco Shipping Corporation (COSCOCS), said on Thursday.

 

Xu Lirong was speaking to reporters on the sidelines of an event to launch COSCOCS, formed by the merger of former domestic rivals China Ocean Shipping (Group) Company and China Shipping Group.

 

With its proposed headquarters in Shanghai, the group will be one of the world's largest shipowners, controlling one of the largest fleets of containers ships, dry bulk ships and oil tankers.