OOIL Denies Reports on OOCL Sale Talks

OOCL Orient Overseas International Ltd (OOIL) has refuted media reports which inform that the company is involved in talks to sell its subsidiary Orient Overseas Container Line (OOCL). OOIL stated that it is not aware of, nor is it involved in any bid relating to the company or OOCL with other shipping firms. The announcement was made following reports by The Wall Street Journal, informing that Chinas major Cosco Group was interested in buying OOCL for a price of around USD 4 billion. Sources familiar with the matter were cited as saying that the companies were in advanced discussions, with the deal expected to be reached in July. World Maritime News contacted Cosco Group for some details on the matter, however, the company is yet to reply. Rumors on the sale first emerged in January 2017 on the back of an increase in market consolidation as the shipping industry struggled to recovery. Both parties denied the initial reports, which mentioned that China COSCO Shipping was to participate in bidding for OOCL alongside Evergreen Marine Corp and French giant CMA CGM. World Maritime News Staff