As you may be aware, shareholder meetings of China COSCO Holding Co. Ltd., the parent company of COSCON, and CSCL were held on February 1, 2016 to review a restructuring proposal (please refer to the announcement issued by COSCO and CSCL for details)
The deal is expected to close in March 1st. Upon the closure of the deal, CSCL will assume the position of a financial holding entity, whose vessels and containers will be chartered and leased by COSCON. COSCON will operate these vessels and containers. During the integration transitional period, COSCON will operate both brands of COSCON and CSCL.
Therefore, after 0000LT Mar 1ST, 2016 (berthing time by vessel, or activity date if intermodal business), all vessels and boxes containers should be chartered and leased from CSCL to COSCON through CSCL’s current agents who would act as COSCON agent for the CSCL brand thereafter, we would appreciate your good support for smooth operation as before.
The container stocks will be kept separately, CSCL containers will be controlled by CSCL Turkey and COSCO containers will be controlled by COSCO Turkey.
CSCL owned and CSCL chartered vessels will be operated by CSCL Turkey Agency. Furthermore all the CSCL commercial activities will be conducted by CSCL Turkey Agency as before.
Thank you for your kind cooperation.
Europe Trade Division
COSCO CONTAINER LINES