COSCO Shipping Holdings has received the go - ahead from Chinese regulators for its $ 500 takeover of ocean Overseas Container Lines ( OOCL ) . COSCO has also addressed concerns from the commission on Foreign Investment in the US over the Long Beach terminal , which OOCL owns a 40-year concession for , by saying it would divest or carve it out to get US approval . Once the deal is complete , COSCO will acquire 90.1 % of OOCL , becoming the world 's third - biggest container carrier with a combined fleet of container vessels and containers that exceeds 2.9 billion TEUs .
COSCO Shipping Holdings has received the go-ahead from Chinese regulators for its $6.3bn takeover of Orient Overseas Container Lines (OOCL). COSCO has also addressed concerns from the Committee on Foreign Investment in the US over the Long Beach terminal, which OOCL owns a 40-year concession for, by saying it would divest or carve it out to get US approval. Once the deal is complete, COSCO will own 90.1% of OOCL, becoming the world's third-biggest container carrier with a combined fleet of 400 vessels and capacity that exceeds 2.9 million TEUs.