Shipping industry merger and reorganization completed two giants

May 31, China COSCO Holdings Company Limited (hereinafter referred to as China COSCO), COSCO Shipping (600428) Co., Ltd. (COSCO Shipping), China Shipping Container Lines Co., Ltd. (CSCL), China Shipping Development Co. Shares Corporation (CSD), in the sea network Technology Co., Ltd. (hereinafter referred to under the science and technology (002 401)) was also released on receipt of approval issued under the China Securities Regulatory Commission, approved the exemption China ocean shipping Group Co., Ltd. (hereinafter referred to as ocean shipping ) due to the transfer of state-owned assets administration and control of the company and the corresponding equity tender offer should fulfill obligations.

A day earlier, China COSCO, COSCO Shipping, China Shipping, China Shipping Development and the Sea Technology five companies have collectively issued a proclamation declaring ocean shipping to the state-owned stake in the administrative transfer of the way the entire COSCO Group's interests with China shipping included matters have been State-owned assets supervision and administration Commission (SASAC said) approval, and the merger has also been made in China antitrust approval. So it also declared the Chinese shipping industry giants merge the two major state-owned assets restructuring event on the program was formally completed.

Since then, China COSCO, COSCO Shipping, China Shipping, China Shipping Development and the Sea Technology Registered accordingly changed to No. 628, Minsheng Road, China (Shanghai) free trade area of ​​the test, namely ocean shipping headquarters.

Since late last year, the SAC decided to Chinese shipping industry's two largest central enterprise restructuring, we established this new ocean shipping company as a platform for the merger in February, involving the two companies will be completed assets into the platform restructuring.

Ocean shipping is part of the SASAC, the SASAC is the only ocean shipping funders and actual controller.

According to the plan previously announced, after the completion of the merger, ocean shipping will integrate COSCO Group and China Shipping advantages of resources, to create a shipping and integrated logistics and related financial services to the pillar, multi-cluster, the world's leading integrated logistics supply chain services group.

Notice that, as the parent company after the restructuring, ocean shipping have qualified state-authorized investment institution, and get all the COSCO Group and China Shipping free transfer of state-owned equity.

SASAC will hold COSCO Group, China Shipping free transfer to all state-owned equity of China COSCO shipping. As the parent company after the restructuring, the China Ocean shipping has qualified state-authorized investment institution.

Ocean shipping proposed will focus on "the scale of growth, profitability, and the global anti-cyclical company," the four strategic dimensions, focus on the layout of shipping, logistics, finance, equipment manufacturing, shipping services, the socialization of industry and business models based on innovative Internet-related + business "6 + 1" industrial clusters, to further promote the integration of navigation features, to create the world's leading integrated logistics supply chain service providers.

According to China COSCO and CSCL two results are displayed in the respective enterprises before the merger, the two companies in the first quarter of this year the total loss will be more than 5 billion yuan. China COSCO Total operating income over last year fell Jinliang Cheng; CSCL fell sharply more than four percent.

Under the global shipping industry and there is no obvious overall warming trend, the new ocean shipping infancy appears to very difficult, but also with the container shipping alliance to promote the industry, mergers and acquisitions and re-division of spheres of influence.

Ocean shipping, COSCO's container shipping Co., Ltd. (hereinafter referred to as COSCO shipping) is also April 20 announced France to fly vessels, Evergreen Marine and OOCL form the world's largest container shipping alliances Ocean Alliance, this new alliance capacity from has exceeded the previously set up by the world's top two container shipping company Maersk and Mediterranean shipping 2M unio to become by far the world's largest container shipping alliance.

COSCO maritime transport in accordance with the message indicates that the approval of the relevant regulatory authorities, the new affiliate program officially began operations in April 2017, Alliance for a period of five years. After the contract expires, members will depend on the cooperation contract renewed after five years of cooperation.