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Wednesday, March 28, 2001

China Cosco Shipping to Wait Out Existing Alliances

29 March 2016

China Cosco Shipping to Wait Out Existing Alliances
Containers from China Ocean Shipping Company (COSCO) are pictured at a port in Shanghai, China, in this February 17, 2016 file photo. REUTERS/Aly Song/Files

SHANGHAI, March 29 (Reuters) – China Cosco Shipping plans to retain its current container alliances until they expire, after which it plans to sign a new deal, it said on Monday.

The group’s spokesman, Yu Zenggang, did not say when the current alliance agreements were due to expire.

Analysts have said the global network of vessel-sharing alliances on container routes could be shaken up by recent deals, including the formation of China’s largest shipping line through the merger of China Ocean Shipping (Group) Company (COSCO) and China Shipping Group

China COSCO , a unit of COSCO, is part of the CKYHE alliance with Kawasaki Kisen Kaisha, Yang Ming Marine Transport, Hanjin Shipping and Evergreen Marine, while China Shipping Container Lines , a unit of China Shipping Group, CMA CGM CMACG.UL and United Arab Shipping Co make up the Ocean Three alliance.

A group spokeswoman told Reuters in February that the firm planned to maintain its two current alliances for the moment.

(Reporting by Brenda Goh and SHANGHAI Newsroom; editing by Susan Thomas)

(c) Copyright Thomson Reuters 2016.

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