New Chinese container giant: Merger crucial for survival

Consolidation is absolutely pivotal in order to survive in the extremely difficult shipping market, says chairman Xu Lirong of the recently merged Chinese carrier, China Cosco, during the company's official launch on Thursday.

The new and enormous Chinese shipping group China Cosco, which was established after a merger of the two state-owned, rival companies, China Ocean Shipping Company (Cosco) and China Shipping Group, was officially launched on Thursday in Shanghai.

In relation to the launch, chairman Xu Lirong stressed that mergers are crucial in order to secure the economies of scale which are necessary to survive the extremely difficult circumstances that currently characterize the world's shipping markets right now.

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