China: Shipping giants to work together
The two companies have agreed to operate joint routes from north and northeast China to Fujian and Shantou in Guandong. This will come into effect from the middle of the month.
"This move is just the start of an intensive cooperation in domestic container shipping between CSCL and COSCO," CSCL said in a statement released on Friday.
Container freight rates around the world have been battered by a slowing economy
and a glut in supply. However, as demand has been rising from the US recently, rates have rebounded in the second quarter, especially as shipping companies have shown determination to cut excessive capacity.
Source: reuters.com
