• 2017 July 10 17:45

    COSCO Shipping Holdings and SIPG offer to acquire OOIL

    COSCO SHIPPING Holdings Co. Ltd. (“COSCO SHIPPING Holdings”; SHA: 601919; HKEx: 1919), a majority owned subsidiary of China COSCO SHIPPING Corporation Ltd, Shanghai International Port (Group) Co., Ltd (“SIPG”; SHA: 600018) and Orient Overseas (International) Limited ("OOIL"; HKEx: 0316) today jointly announced that COSCO SHIPPING Holdings and SIPG have made a pre-conditional voluntary general offer (“Offer”) to all shareholders of OOIL to acquire all issued OOIL shares at an offer price of HK$78.67 in cash. On completion, assuming all OOIL shareholders tender their shares, COSCO SHIPPING Holdings will hold 90.1%, while SIPG will hold 9.9% of OOIL, the shipping line said in a press release..

    The Offer is dependent upon the satisfaction of pre-conditions, which include the necessary regulatory approvals as well as approval from COSCO SHIPPING Holdings shareholders. The controlling shareholder, who currently holds 68.7% of OOIL, has irrevocably undertaken to accept the Offer.

    The transaction marks the latest consolidation in the global maritime industry. It is believed that the combination of COSCO SHIPPING Holdings and OOIL can deliver a stronger competitive advantage. OOIL is the seventh largest container shipping company in the world, with extensive container shipping routes and networks. It is known for its superior service and operational performance in the global maritime industry. The combined COSCO SHIPPING Lines, a subsidiary of COSCO SHIPPING Holdings, and OOIL will operate more than 400 vessels over a much expanded yet well-structured network, with capacity exceeding 2.9 million TEUs including orderbook. The combination will enhance the industry leading position of both companies as a whole.

    Post closing, COSCO SHIPPING Lines and OOIL will continue to operate under their respective brands, providing container transport and logistic services. By leveraging the strengths of each company and achieving synergies, the businesses will enhance their operating efficiencies and competitive positions to achieve sustainable growth in the long term. Both companies are members of the Ocean Alliance, and will continue to work together under this framework. “We respect OOIL’s management team and its expertise, not to mention its people, brand and culture,” said Mr. Wan Min, Chairman of COSCO SHIPPING Holdings. “Our company remains committed to enhancing Hong Kong as an international shipping center. Following completion, we will continue to invest and strengthen our industry leadership, providing a more extensive platform for the employees of OOIL to excel.” Mr. Andy Tung, Executive Director of OOIL, commented that, “We are proud of the business we have built and the people who have been building it. This decision has been carefully considered and we believe it helps ensure the future success of OOIL. We are confident that COSCO SHIPPING Holdings is the right partner for us.”

    The Joint Offerors intend to maintain OOIL’s listed status following close of the Offer, and are committed to retaining the existing compensation and benefit system at OOIL and will not terminate the employment of any employee at OOIL as a result of this transaction for at least 24 months after the close of the offer. Besides that, the Joint Offerors intend to maintain OOIL’s global headquarter functions and presence in Hong Kong, and utilize the advantage of both companies' global network to contribute to the economic prosperity of the territory and development of Hong Kong as an international shipping center.

    The board of directors of OOIL has established an Independent Board Committee to advise the shareholders of OOIL in connection with the Offer. An independent financial adviser will be appointed. UBS AG is the financial adviser to the Joint Offerors and Paul Hastings is the legal adviser to COSCO SHIPPING Holdings, while UBS Securities is the independent financial adviser to COSCO Shipping Holdings. J.P. Morgan is the financial adviser and Slaughter and May is the legal adviser to OOIL.




2020 December 2

18:37 Rolls-Royce acquires leading supplier of ship control systems Servowatch
18:05 Aker and MAN sign agreement to develop energy-efficient compression solutions for carbon capture and storage applications with heat recovery
17:53 Cargo traffic within Azov-Don Basin of Russia’s IWWs grew by 7% in 11M’20
17:20 Fincantieri finalizes new generation of thrusters
17:15 Hapag-Lloyd announces rates from East Asia (incl. Japan) to North Europe and Mediterranean
16:56 ESPO welcomes European Parliament’s own-initiative report on revision of TEN-T guidelines
16:35 ECSA applauds UN resolution on seafarers as key workers and supports IMO call for priority vaccination
16:20 RF Navy’s corvette "Boyky" passes the Baltic straits
16:04 Floating wind power to grow 2000-fold by 2050 but more comprehensive standards and risk management required - DNV GL
15:39 FESCO и DB Сargo send first container train from Europe to China through Brest and Vladivostok
15:27 Port of Helsinki to multiply the amount of solar energy it generates
15:14 Wärtsilä selects Shell as test oil partner for factory testing
14:53 ABS publishes industry-leading Guide for Sustainability
14:50 Two Vityaz cranes manufactured by SMM delivered to Commercial Port of Vladivostok by NSR
14:26 SG-STAR Fund taskforce develops CrewSafe audit programme and attracts more global partners
14:02 Bunker sales at Vladivostok port in 11M’2020 fell by 44% YoY
13:40 Dredging in the Gulf of Ob completed
13:25 Repair barge of RF Navy’s Baltic Fleet left Mediterranean Sea
13:10 ICS welcomes UN resolution on key worker status for seafarers
12:49 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
12:31 Rosmorport released about 2.5 million of juvenile fish in October and November
12:10 GTT entrusted by DSME with the tank design of six ARC7 ice-breaking LNG carriers
11:48 Navigation season finished in Pevek port
11:24 Construction of terminal for exports of oil products from Temruk port obtains state expert approval
11:05 Austal completes acquisition of BSE Maritime Solutions
10:56 Bunker prices rise at the Port of Saint-Petersburg, Russia (graph)
10:37 PETRONAS to deploy low carbon solutuions in line with its Net Zero Carbon Emissions 2050 aspiration
10:24 Tallink suspends operation of Victoria I on two routes from 1 January 2021
10:00 Russian Maritime Register of Shipping issues Guidelines on Cyber Safety
09:42 Oil prices decrease in response to US reserves data
09:25 MABUX: Bunker market this morning, Dec. 2
09:13 Baltic Dry Index as of December 1

2020 December 1

18:51 Kongsberg Digital announces release of first cloud-based simulation service for maritime radar training
18:32 Oil shipments via CPC Marine Terminal in 11M’20 fell by 5.8% YoY
18:16 ABP appoints new Divisional Port Manager for Wales & South West
17:59 Onezhsky Shipyard lays down second serial crab catching ship for Russian Crab Group
17:40 Rosmorport took part in discussion dedicated to Russia’s digital transport and logistics
17:26 Wilhelmsen's Additive Manufacturing service delivered CE-Certified 3D printed lifting tool for Wärtsilä
17:14 Stena Line takes delivery of third new ferry to join Irish Sea fleet in 2020
17:05 Diana Shipping announces time charter contract for m/v Artemis with Glencore
16:43 Bunker prices rise in the Far East ports of Russia (graph)
16:24 Sea Terminal “Tuloma” obtaines status of Arctic Capital PDA resident
16:18 NYK concludes long-term charter agreement for two methanol-fueled chemical tankers
16:05 Samskip ramps up presence in Central Eastern Europe
15:39 Ships of RF Navy’s Black Sea Fleet begin new training year in the Mediterranean
15:07 Georgia Ports Authority reaches a major milestone on its Mason Mega Rail Terminal
14:58 CMA CGM announces FAK rates from North Europe to Canada, Mexico East Coast and USEC, USGULF & USWC
14:52 Zvezda Shipyard lays down yet another Aframax tanker for Sovcomflot
14:13 Small missile ship Ingushetia of RF Navy’s Black Sea Fleet returns from Mediterranean Sea
13:48 Astrol-2, second dry cargo carrier of Project RSD59, put into operation
13:27 Record number of 15 winners for MPA’s International Safety at Sea Awards
13:21 Turbine installation at Belgium’s largest offshore wind farm crosses the finish line
13:06 RS introduces requirements for additive manufacturing products
12:50 ICTSI Iraq delivers record performance
12:32 NOVATEK commenced LNG sales of ISO containers to China
12:30 Finnlines orders Wärtsilä engines and hybrid systems for its two new eco-friendly ferries
12:09 SITC International signs newbuilding contracts with Yangzijiang Shipbuilding
11:51 MOL completes new research and development center in Százhalombatta
11:30 Russian Railways' network loading fell by 3% in 11M’ 2020
11:07 Port of Mackay maintenance dredging set to begin