Cosco Group plans to merge three of its dry bulk freight units in an attempt to improve bargaining strength with shipowners and manage the market downturn, Seatrade Asia online reports. The Chinese conglomerate will merge Cosco Bulk Carrier, Cosco Hong Kong Shipping and Qingdao Ocean Shipping into one company, according to a Cosco official.
“It is a very good time for us to restructure so we can give one voice to our clients to bargain with them,” the Cosco official told Reuters. The three units together own and charter more than 400 dry bulk vessels.
Rates in the dry bulk freight market is spiralling down due to the heavily oversupplied market and the weak global economy.
“It is a very good time for us to restructure so we can give one voice to our clients to bargain with them,” the Cosco official told Reuters. The three units together own and charter more than 400 dry bulk vessels.
Rates in the dry bulk freight market is spiralling down due to the heavily oversupplied market and the weak global economy.