China takes lead in Pacific shipping after US$6.3bil deal

SINGAPORE: China is the new leader of shipping trade to the Americas.

State-owned Cosco Shipping Holdings Co’s US$6.3bil offer to buy Orient Overseas International Ltd would create an entity that’s the biggest shipping company moving boxes to the North American continent from Asia, beating Copenhagen-based A.P. Moller-Maersk A/S and France’s CMA CGM SA.