Cosco Singapore hits 3-week high on merger reports

SINGAPORE (Oct 6): Shares of Cosco Corp (Singapore) are up 3.7% to $0.28 during Thursday's session on news its parent entity is planning to merge with another giant state-owned shipping firm.

(See also: China shipping groups merger plan erases US$900 mil in value)

The Wall Street Journal reported China’s two biggest state-owned shipping companies, China Ocean Shipping (Group) Co., or Cosco Group, and China Shipping Group Co. plan to merge 11 shipbuilding yards into a single entity as ship orders hit record lows.

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