NEWS FLASH: Container shipping entering another round of consolidation?
Chinese carriers COSCO and China Shipping told the Federal Maritime Commission they are in the beginning stages of a merger, while Bloomberg reported CMA CGM has entered into talks to buy APL parent Neptune Orient Lines.
Updated Nov. 8, 2015: Neptune Orient Lines said in a notice posted on the Singapore Stock Exchange website late Saturday that it “confirms that it is in preliminary discussions with CMA CGM SA and A.P. Moeller-Maersk A/S with respect to a potential acquisition of NOL.” It added “There is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made or as to the terms on which any such offer might be made.” Temasek, the sovereign wealth fund of the Singapore government has a 67 percent interest in NOL, about 26 percent directly and 41 percent through shares held by its associated company and subsidiaries according NOL’s annual report for 2014. It seems the container shipping…