COSCO may make a bid of more than $4 billion for Hong Kong-based Orient Overseas Container Line, according to various media reports.
The deployment of ultra-large containerships has not only increased average vessel size on key east west trades, but has accelerated the consolidation of carriers into vessel sharing agreements and alliances.
The container freight market is strengthening as carriers begin some 2017 negotiations, and Drewry said some shippers could see contract rates rise 20-40 percent in worst case scenarios.
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Hyundai Merchant Marine and Korea Line have submitted bids for Hanjin’s Asia-U.S. route, and a deal is expected to be reached at the end of the month.
In addition, ZIM said it would "upgrade" its all-water ZCP service, which deploys company-owned tonnage between Asia and the U.S. East Coast, to “offer inland destination solutions to major locations.”
Hyundai Merchant Marine said Tuesday its consortium with Heung-A Shipping and Sinokor Merchant Marine will give it full access to the two carriers’ intra-Asia networks.