Last month, we reviewed the latest round of ocean carrier mergers and acquisitions. We mentioned there were persistent rumors of COSCO buying OOCL. OOCL consistently denied the rumors. Then, BAM, an agreement was reached for COSCO to buy OOCL for $6.3B.
COSCO plans to keep OOCL as a stand alone company to capitalize on their reputation for providing superior service.
Who’s next? Pacific International Lines (PIL) seems to be the next takeover target, possibly by COSCO, but PIL is denying the rumors. Hmmm….
It is not often we hear about ships colliding at sea or at berth, but there has been a rash of them of late. Last month, we featured the video of Hapag-Lloyd and Maersk ships bumping into each other as they vied for position at the entrance to the Suez Canal.
This month, we have two more incidents. Hapag-Lloyd, OOCL and Safemarine got tangled up while at berth in Australia. During a storm, the Hapag vessel lost its mooring and drifted into an OOCL ship which broke its mooring and flipped around and into a Safemarine vessel. Then at Port Klang, Malaysia, Hambug-Sud and United Arab Shipping Company vessels collided igniting fires on both ships, pictured above.