Cia. Sud Americana de Vapores SA surged the most in more than a year after Die Welt newspaper reported that Latin America’s largest container shipper is negotiating a merger with German rival Hapag-Lloyd AG.
South Korea’s three biggest shipping companies face a cash crunch as 3 trillion won ($2.8 billion) of bonds are due for repayment in the next two years amid mounting losses from a global slump in rates to carry cargo.
Orient Overseas (International) Ltd., operator of Hong Kong’s biggest container line, fell to the lowest level in two weeks after reporting a 90 percent drop in profit last year and forecasting a “difficult” 2012.
Orient Overseas (International) Ltd. , Hong Kong’s largest container-shipping line, may add services on routes within Asia as the region’s economic recovery leads a rebound in global shipping demand and rates.
Orient Overseas (International) Ltd. agreed to lease a terminal at Port of Long Beach, California, for $4.6 billion over 40 years, the biggest such agreement in U.S. history, according to the port operator.