Xu lirong, chairman of cosco, said the company was seeking to acquire more port related assets following its $6.3bn acquisition of Orient overseas. It said, the future China ocean shipping group will consider equity investments and acquisitions at the same time around the world port and port assets, especially in Europe, Asia, the Middle East and some companies are moving into emerging markets.

 

Xu lirong, chairman of cosco shipping group, said he would consider more acquisitions after completing the acquisition.

"In the future, China ocean shipping group will consider equity investments and acquisitions at the same time around the world port and port assets, especially in Europe, Asia, the Middle East and some companies are moving into emerging markets."

At present, xu does not have specific investment or acquisition targets. But it says cosco wants to be an "active practitioner" of the "belt" initiative.

In addition, Mr Xu said consolidation was continuing as the market returned to "rationality" over years of disorderly competition.

Consolidation will not only happen in the container sector, dry bulk, oil tankers and even the special cargo transport sector. And we will seek more integration opportunities on the premise of mutual benefit.

 

Previously, there was a rumor on the market that cosco wanted to acquire Gener8 Maritime. It is even more rumoured that its board is more willing to buy the tanker giant, EURONAV.