In a bid to obtain a greater share of the container shipping market from its three European rivals, China Ocean Shipping Company (Cosco) is looking to raise its operational capacity to two million TEU, according to China Daily.
Wan Min, General Manager of Cosco, said Chinese shipping companies mainly operate services on China-Southeast and Asia-Africa.
Wan Min added: “Denmark's Maersk Line, Switzerland's Mediterranean Shipping Company SA and French shipper CMA CGM, the world's top three container ship operators currently hold around 40% of container cargo market share in the world, the share for Chinese companies in major shipping lines remain relatively small.”
The new merger will operate under the name of COSCOCS “through the merger of China Ocean Shipping (Group) Company (COSCO) and China Shipping Group”, according to gCaptain.
Xu Lirong, Chairman of China Cosco Shipping Corporation, which is the combined entity of the two merged companies, recently said that this merger is crucial for global growth and will allow the company to develop during hard times.