World News
OOCL: CMA CGM's NOL Acquisition Not Expected to Impact G6 Alliance in 2016
Hong Kong-based Orient Overseas Container Line (OOCL) Friday said the $2.4 billion acquisition of Neptune Orient Lines (NOL) by CMA CGM S.A. (CMA CGM), will not immediately affect the structure of the G6 Alliance, of which NOL's subsidiary APL is a member.
"The transaction is subject to regulatory approvals," noted OOCL.
"Until there is further development, the G6 Alliance assures that its current service structure will remain stable, and expects to operate as aligned through 2016."
As Ship & Bunker previously reported, CMA CGM had said it plans to bring APL into the Ocean Three Alliance (O3 Alliance).
OOCL further reassured stakeholders and interested parties that members of the G6 Alliance remain "committed in offering reliable shipping services" for customers, and noted that the alliance will make additional announcements as related news in the proposed NOL acquisition develops.
Members of the G6 Alliance currently include APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines (MOL), Nippon Yusen Kaisha (NYK Line), and OOCL.
The container alliance picture has been further clouded by Friday's announcement of China's approval of another merger, between China Ocean Shipping (Group) Co., (Cosco Group), and China Shipping (Group) Co., paving the way for a combined entity that will be the world's fourth-biggest container shipping line.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 530.00 | 2.00 | 619.00 | 4.00 |
| Rotterdam | 470.00 | 2.50 | 626.00 | 3.00 |
| Houston | 465.50 | 4.00 | 624.00 | 3.00 |
| Fujairah | 507.00 | 12.50 | 713.50 | 11.50 |
| Global 20 Ports Average | 540.00 | 0.00 | 723.00 | 4.50 |
| Global 4 Ports Average | 493.00 | 5.50 | 645.50 | 4.00 |
| Global Average Bunker Price | 574.50 | 1.50 | 762.00 | 3.00 |
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