TOKYO (Oct 31): Japan's top three shippers on Monday said they will integrate their container shipping operations to create the world's sixth-largest player, joining a growing trend of consolidation in an industry battling its worst-ever downturn. By 0505 GMT, Nippon Yusen was up 3%, Mitsui OSK was 2.8% higher and Kawasaki Kisen was down 2.3%. Container shipping has seen a wave of mergers and acquisitions as companies try to grab a bigger share of a depressed market. The world's No.3 player, CMA CGM of France, is in the process of acquiring Singapore's Neptune Orient Lines (NOL), while German container shipping line Hapag-Lloyd AG agreed earlier this year to merge with United Arab Shipping Company (UASC). In China, former state-controlled rivals COSCO and China Shipping Group have merged to create China COSCO Shipping Corporation, the world's No.4 container shipper by capacity.

Source: The Edge Markets October 31, 2016 07:06 UTC