Date
19 October 2017

COSCO Intl eyes more acquisition targets, executive says

COSCO International Holdings Ltd. (00517.HK), the shipping services unit of state-owned China Ocean Shipping (Group) Co., said it is seeking more acquisition opportunities after last year’s purchase of Hanyuan Technical Service Center GmbH which provides technical support to shipping operators.

The company will continue to undertake mergers and acquisitions to strengthen its shipping services business, COSCO International managing director Xu Zhengjun {徐政軍} told a media luncheon on Tuesday.

Apart from serving COSCO Group and its subsidiaries, the company will focus on the overseas market, Xu said. Last year, it won a contract to apply ship coating on the Hong Kong-Zhuhai-Macau bridge which is under construction, he said. 

The shipping industry is likely to bottom out this year after a severe downturn in 2013 thanks to economic recovery in Europe, the United States and Japan, Xu said.

However, shipping companies will continue to face pressure to consolidate, he said. 

– Contact HKEJ at [email protected]

JP/RA

 

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