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Hello and welcome to Universal Shipping News, where we ask, “What the freight is going on with international shipping?”
I’m Jared Vineyard
The big news out of international shipping this week is the continued shrinking of carrier competition with the announcement that Cosco Shipping will be buying Orient Overseas Container Line, or OOCL.
Now, Cosco is not buying OOCL by itself. Shanghai International Port Group is partnering with Cosco in this $6.3 billion carrier buyout, but when all is said and done, Cosco will own just over 90% of OOCL’s parent company, OOIL, while Shanghai International Port Group will own just under 10%.
Now, many shippers may not notice the shrinking of carrier competition right away as Cosco has pledged maintain OOCL’s listed status. But make no mistake, this drops one more major carrier out of the competition pool and firmly moves Cosco into position number three of the world’s largest ocean carriers by capacity.
Remember our once pristine Carrier Craziness Bracket? Here’s what it looks like now with this latest competition shrinking event taken into account.
I mean, that’s just gobbledy-gook with lines, and circles, and carriers crossed out…
Maybe in the end this really is like March Madness or the Highlander, and there can be only one. If so, the safe money’s on Maersk, but Cosco Shipping will certainly make things interesting.
For more details on this story, and all your international shipping needs, check out the blog at UniversalCargo.com.
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Until next time, stay in shipshape!
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