China Cosco Shipping Corporation Limited (Cosco Shipping) is reportedly a contender to buy Hong Kong-based Orient Overseas Container Line (OOCL) in a deal valued at more than $4 billion, the Wall Street Journal reported.
The market has been rifted with speculations that OOCL, the container arm of Orient Overseas International Limited (OOIL), could be up for sale amid the ongoing consolidation of the global container shipping sector.
The media report wrote that state-owned Cosco Shipping is in the process of preparing a bid valued at more than $4 billion to acquire its competitor OOCL. Cosco Shipping Lines, the container arm of Cosco Shipping, and OOCL are members of the Ocean Alliance that is scheduled to start operations in April this year.
More information about consolidation in the container shipping sector can be found HERE.