Report: China integrating its state-owned shipping businesses
The Chinese government is considering integrating shipping businesses directly under its control, a Chinese press outlet reported Tuesday.
This would mean the government could potentially join the shipping activities of its five major shipping lines — COSCO, China Shipping, Sinotrans, China Changjiang National Shipping Group (CSC) and China Merchants Energy Shipping, a subsidiary of China Merchants Group — Xinhua News Agency reported.
'The China International Capital Corp. Ltd. has already suggested a merger between CSC and Sinotrans, a proposal considered most likely by industry analysts because the companies both have cruise businesses,' the report said. 'As for COSCO and China Shipping, Luo Xiong, an analyst from China Merchants Securities, said the two giants are not likely to be involved in the integration because their businesses are in stable condition. He also doubted China Merchants Group would be involved because it is a Hong Kong-registered company with a long history of over 100 years.'
Report: China integrating its state-owned shipping businesses
