State council gives nod to Cosco-China Shipping merger

© Khunaspix Dreamstime.

In what is possibly the least surprising news in container shipping – other than freight rates are on the slide – Chinese business title Caixin reports today that the government has given formal approval to Cosco and China Shipping to merge, following months of talks. Formal announcements from the partially state-owned companies are expected tomorrow, but the practicalities of the deal will be messy – according to Caixin sources, “China Shipping Group will be transformed into a financing company for ...