Yang Ming responded by saying it has unwavering support of Taiwan’s government and has "proactively reorganized internally to effectively reduce its operating cost."
Orient Overseas Container Line’s parent company said it is not aware or involved in any bid relating to the company or OOCL.
Kansas City Southern’s net income fell 1.1 percent to $479.9 million for the full year in 2016 on revenues that slid 3.5 percent compared to the previous year, according to the company’s most recent financial statements.
Registration takes less than 1 minute.
The South Korean liner carrier’s bankruptcy, which resulted in hundreds of thousands of shipments around the world being delayed, was the biggest in the container shipping industry since the 1986 bankruptcy of U.S. Lines.
Despite mergers and acquisitions, the industry is still plagued by overcapacity, and cost for new entrants is low.
Analysts have speculated ZIM could be the next firm swept up in the wave of consolidation in the ocean shipping industry, but the Israeli carrier has outright rejected the idea it is looking to sell its global operations.