China's two largest shipping state finally started the substantive cooperation.
In the afternoon of May 20, China cosco cosco group's Shipping listed companies (stock) (601919. SH) and China Shipping group, Shipping China Shipping development of listed company (stock) (600026. SH) announced at the same time, according to cosco's wholly owned subsidiary of cosco bulk on May 4, sign the joint venture agreement with China Shipping development, the two sides jointly established in Singapore Chinese Ore transport co., Ltd. (China Ore Shipping Pte., Ltd., hereinafter referred to as the Chinese Ore shipped), cosco bulk has a 51% stake, China Shipping development has a 49% stake.
According to the announcement, China ore shipped to specialized is engaged in the maritime transport and related dry bulk iron ore business, the company registered capital of $330 million, including China shipping development investment of $161.7 million, cosco investment of 168.3 million yuan.
On May 19, the newly established China signed with vale ore transport boat purchase agreement, to buy the latter have four of the 40 - very large ore carriers (VLOC), transaction amount is $445 million, is expected to officially delivery in June 2.
It is understood that the deal is the result of vale and cosco group signed in September last year iron ore shipping strategic cooperation framework agreement.According to the agreement, vale will four 40 ton VLOC transferred to cosco group, and the vale of long-term lease 25 years.In addition, vale will also be a long-term lease of cosco group new building 10 40 ton VLOC, with delivery of Brazilian iron ore to China.
China shipping development said in a statement, China mining will be paid to its own funds and bank loan payment to boat purchase agreement, the company is expected to secure a stable return on investment.Company purchase and ship the terms of the agreement in the opinion of the directors, fair and reasonable, accord with the company and the interests of all shareholders.
Have the personage inside course of study thinks, COA contract (i.e., long-term packet transport protocol) is advantageous to the owner to obtain relatively stable cash rewards, against market fluctuations, VLOC associated pool as cosco and China shipping project, and the subsequent cooperation ship quantity will increase, they will further enhance the voice of vale."In the long run, the scale of the bulk fleet could help build a global service network and create a stable triangular routes, for mining giant probability will increase with high value-added COA contract."The person said.
Since the second quarter of this year, about cosco and China shipping group could make a consolidation of speculation, on April 17, cosco and China shipping listed clarification announcement at the same time, stressed not get information from any government departments about the merger.And the cosco and China jointly established the Chinese ore transport behavior also be interpreted as the first step on the substantive cooperation.
In fact, the market of shipping of the integration of state expected began in late 2006.Released in December 2006, the state-owned assets supervision and administration on the adjustment and restructuring of state-owned enterprises to promote state-owned capital instruction opinion ", points out that number to 2010, the central enterprises to cut from the current 161 to 161 ~ 100.Then, around the shipping of the integration of state action began caught the attention of the industry.
Shipped haitong securities analysts said Jiang Ming shipping state restructuring rumors actually have been rumours after 2010, mostly about "cosco" and "China" is a listed company, because the two shipping groups, fleet larger size, consecutive losses could lead to national level of shipping enterprise's strategic layout;Second, the market contact ratio is high, the two sides cooperate, improve management theory feasibility;3 it is because of history reason, the group and its executives, many main leaders of the incoming possess two companies work history, integrated basis.
At the end of 2008, sinotrans group and long-endurance into sinotrans changhang group, so the five shipping state into four shipping, however the merger restructuring is not successful, the combined sinotrans changhang group long-term losses, long-endurance corp. 's oil changhang provisions for continuous loss of listed companies in 2014 by the Shanghai stock exchange.  

In February 2014, cosco and China signed a strategic cooperation framework agreement, and says it will through strategic alliances, joint venture cooperation, coordination of resources configuration, each supplier, customer development, develops the market together, in areas such as shipping, logistics, port, ship in the work of the establishment of a comprehensive strategic partnership.
In August of 2014, China merchants group, shipping listed companies merchant ships (stock) and sinotrans changhang to 51:49 ratio in Singapore tanker associated enterprises, China's energy transport co., LTD. (China VLCC combined), in the year to April, the control of supertankers VLCC combined capacity and holding a new ship orders, 43, has super become China's largest tanker fleet.
In foreign countries, because of the international dry bulk freight depressed for a long time, bulk shipowners federated trend is clear.In February this year, the five largest bulk carrier owner's golden ocean shipping, scattered shipping, boss shipping, C Transport Maritime union shipping (CTM), and gold, and will work together to form a joint venture engaged in capesize bulk carrier chartering business enterprise - cape leasing.Cape lease will cooperation operations 5 member companies to provide 164 capesize bulk carrier (including new shipbuilding), accounts for about 9.6% of the total global active capesize bulk carrier fleet, the first cooperation fleet size of about 70 ~ 80.Golden ocean shipping said in a statement, a cape lease aimed at lowering the operating costs for the member enterprises, to provide a more stable income.
Jiang Ming said, the modern shipping is a global market competition, from the point of market characteristics and direction of the reform of state-owned enterprises, the government and the state-owned assets supervision and administration for shipping state losses tolerance is gradually reduced, "restructuring may be very difficult, not the reorganization may be a harder", before the market has been worried that after the restructuring of the "friction cost" may have been in the secondary position in general direction."For this round of restructuring expected, no matter from the national strategy, the reform of state-owned enterprises, the current state of the industry and high-level execution level, will be a big probability event, and the timing of the implementation is likely to not far away."Jiang said.
Cosco group chairman Ma Zehua had earlier said to the media, cosco and China shipping cooperation has been deepened, as for consolidation issues, the decision is not in the hands of the enterprise.
Analysts say of Shanghai shipping exchange, from the perspective of the integration process of the shipping state, although the current market for shipping state restructuring expected intense, but on the surface of the JiTuanCeng integration difficult to achieve, I'm afraid.Based on cosco, China shipping group and sinotrans changhang shipping professional integration of the plates, ongoing future like China VLCC combined fleet of specialized integrated, or will be the shipping state the direction of integration.