China Shipping Container Lines
Shipping Company
China Shipping Container Lines Co., Ltd., was a containerized marine shipping company, based in Shanghai, China.
An ongoing downturn in the container shipping industry which began in 2013, and that was caused by various factors such as weak global GDP, muted demand for container shipping, sluggish global trade, and vessel overcapacity left the container shipping market crippled. Due to the decline in the industry, CSCL's parent China Shipping Group entered advanced merger talks with its larger government-owned compatriot, the COSCO Group in October 2015. By late December 2015, the two announced a formal merger after regulatory and anti-trust approval. The integration plan stipulated that CSCL will withdraw its involvement in the container shipping business and cease to operate as a carrier; instead it is destined to become a container leasing and financial-asset management company. Meanwhile, COSCO Group's container shipping division; COSCO Container Lines (renamed COSCO Shipping Lines), is expected to take over as the sole operator of the vessel fleet. Furthermore, as part of the reconfiguration plan, the CSCL brand was abandoned and renamed as COSCO Shipping Development in an effort to align the company with its new identity in the merged mega-entity.
Subject ID: 70091
MoreChina Shipping Container Lines Co., Ltd., was a containerized marine shipping company, based in Shanghai, China.
An ongoing downturn in the container shipping industry which began in 2013, and that was caused by various factors such as weak global GDP, muted demand for container shipping, sluggish global trade, and vessel overcapacity left the container shipping market crippled. Due to the decline in the industry, CSCL's parent China Shipping Group entered advanced merger talks with its larger government-owned compatriot, the COSCO Group in October 2015. By late December 2015, the two announced a formal merger after regulatory and anti-trust approval. The integration plan stipulated that CSCL will withdraw its involvement in the container shipping business and cease to operate as a carrier; instead it is destined to become a container leasing and financial-asset management company. Meanwhile, COSCO Group's container shipping division; COSCO Container Lines (renamed COSCO Shipping Lines), is expected to take over as the sole operator of the vessel fleet. Furthermore, as part of the reconfiguration plan, the CSCL brand was abandoned and renamed as COSCO Shipping Development in an effort to align the company with its new identity in the merged mega-entity.
Subject ID: 70091
Subject ID: 70091
