The containership charter agreement between China Cosco Holdings and China Shipping Container Line (CSCL) is expected to take effect in early March, reports Lloyd's List.
Cosco Container Lines Co (Coscon) has petitioned the US Federal Maritime Commission for an exemption from competition regulations so it can acquire by time charter the box fleet of China Shipping Container Line.
Under the merger deal CSCL will charter out all of its containerships for US$3.7 billion to China Cosco for a five-year fixed term, with bilateral options later for vessels of and above 8,000 TEU.
As well, CSCL has also agreed to sell its entire service network - 33 box shipping subsidiaries - to China Cosco.
The date disclosed by the FMC is in line with an earlier CSCL memo, which said that the asset swaps would be concluded by early in 2016.
WORLD SHIPPING
29 January 2016 - 22:39
China Cosco petitions US FMC to operate CSCL fleet from March 1
The containership charter agreement between China Cosco Holdings and China Shipping Container Line (CSCL) is expected to take effect in early March, reports Lloyd's List.
WORLD SHIPPING
29 January 2016 - 22:39
China Cosco petitions US FMC to operate CSCL fleet from March 1
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