COSCOCS integration officially underway

Chinese container carriers COSCON and China Shipping officially began a merger of the two companies today with the signing of a series of leasing contracts for containerships and containers.    The integration of Chinese container carriers COSCON and China Shipping (CSCL) officially began today with the signing of a series of leasing contracts for containerships and containers, the newly-merged company said in a statement.
   March 1 marks the beginning of the “integration transitional period” for new company, dubbed China COSCO Shipping Corporation Ltd. (COSCOCS). Under the new management structure, COSCON will lease and operate CSCL container ships and containers, and gradually integrate CSCL network assets over time.
   The company said the speed of the integration will depend on a variety of factors and that during the transition period shippers will continue to use existing channels of communication with their respective carriers.
   “We commit to transit smoothly and will maintain best service quality and business continuity as much as possible,” said COSCOCS. “Any changes and updates will be communicated upfront.”
   “The fundamental purpose of the integration is to provide better products and services to our customers,” the company added. “Post-integration COSCON will boast of larger capacity, more services, broader business scope and better optimized route network.”