22 January 2019

China shipping rivals team up on global front, WSJ says

State-owned giants China Ocean Shipping (Group) Co. and China Shipping (Group) Co., have agreed to cooperate and share resources in crucial business areas, including ports, logistics and shipbuilding, in addition to actual shipping, the Wall Street Journal reported Tuesday. The formerly intense rivals signed a pact earlier this month, saying they hope to “improve the influence of Chinese shipping companies in the world shipping industry”, the report said. It comes as Denmark’s Maersk Line, France’s CMA CGM and Switzerland’s Mediterranean Shipping Co. get set to launch a major route-sharing alliance in the second quarter, it said.

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