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COSCO takes over Port of Kaohsiung

TAIPEI (Taiwan News) — It appears that China’s state-run shipping and logistics giant China Ocean Shipping Company (Cosco) could now own the Port of Kaohsiung, the largest harbor in Taiwan, though tax loopholes being exploited in Bermuda make the degree of control exercised by the state-owned corporation on the Taiwanese port murky, according to a report by Nikkei Asian Review.

Despite reservations by the Trump administration over Chinese ownership of the Port of Long Beach, the second-largest container port in the U.S., the US$6.3 billion acquisition by Cosco of Hong Kong-based Orient Overseas (International) Limited (OOIL) and its subsidiary Orient Overseas Container Line (OOCL) has been approved, according to the report. The move makes Cosco the world’s third-largest shipping company and initially appears to give it control of the Port of Kaohsiung and the Port of Long Beach.

Read more on Taiwan News.

Source: Taiwan News
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