China Cosco Holdings Company Limited, one of the largest global shipowners all combined services and one of the largest shipowners in Chinese container began, on 20 June, its introduction on the stock exchange. A first short-lived as no. 2, China Shipping, is him also convert part of its fleet (ore) in a listed company. Estimate: $ 2 billion.
Reduce exposure to cycles
Cosco is introduced on the stock exchange of Hong Kong to lift is between 20 and on 27 June last, 1.22 billion (instead of the expected 1.77) via an offers public securities. Wei Jiafu, President of China Cosco Holdings, said on that occasion: "Over the past ten years, traffic container out of China increased by 28.5 per year." This increase is closely linked to the strong performance of China's economy. It is explained by the vigour of its external trade as well as by rapid containerization of maritime industry.
Chen Hongsheng, the President of China Cosco, has put forward its strengths: "We operate a large network with points of sale in China and 65 other countries around the world." From traffic containers, operations on the terminals container, the manufacturing, sale and rental of containers, passing by the freight forwarding and our agency maritime and logistic services; "we believe that the wide range of activities of China Cosco will generate substantial synergies that will be able to reduce the exposure of the group in the maritime business cyclic variations". And iI what: trade with China mobilizes, alone, 40 of the world fleet!
The needs of the maritime sector: $ 5 billion
The fabulous Chinese growth coupled with the shortage of ships in the shipyards and soaring rates of 2004 decided a freight cargo owners to say, as of 2004, it had become very appropriate to transform their fleets in listed companies. But the operation of Cosco does that follow a movement committed by the Greeks, American shipowners or Danish. In 2004, Danish Moeller-Maersk A/S has registered record profits... before launching a successful takeover bid on P & O Nedlloyd last May. Same thing for the Frontline company that manages the first global fleet of tankers. Result in strong growth, and OPA and concentration... it is in this context that the negotiations of CMA CGM with Delmas are now meaningless.
Last February, the Greeks Diana Shipping and Dry Ships (and soon FreeSeas) opened the ball, raising $ 200 million each on the New York Stock Exchange. And they were soon to be imitated. According to Bloomberg, in addition to Cosco, shipowners STX Pan Ocean (400 million dollars), BMI (400 million also) try them also the introduction on the stock exchange as early as June. They will be followed - in yet unspecified dates but certainly in the year - by Wexford Shipping Company (100 million), Genco Shipping and Trading (350 million), Quintana Maritime (345 million) and Horizons Lines Inc. (227 million). In total, Bloomberg estimated that $ 5 billion the needs of the maritime sector; a portion will be allocated to the purchase of ships.